Turkey’s central bank on Thursday hiked its key interest rate by 250 basis points to 17.5%, coming in below analyst forecasts of 500 basis points as the country’s monetary policymakers embark on a long and painful mission to tackle double-digit inflation.
“Monetary tightening will be further strengthened as much as needed in a timely and gradual manner until a significant improvement in the inflation outlook is achieved,” the bank said in a statement, following its interest rate decision.
Read More : Turkey’s Central Bank Lifts Interest Rate to 17.5%, Falling Short of Market Expectations