Türkiye’s central rises interest rates 500 basis points to 40%

Türkiye’s central bank on Thursday hiked its key interest rate, the benchmark one-week repo rate, by another 500 basis points to 40 percent and said the pace of monetary tightening would slow as the rate approached its peak.

The move was seen as a continuation of the bank’s attempt to combat high inflation and a falling lira, the Turkish currency. Inflation in the country came in at a whopping 61 percent in October.