ANKARA, Turkey (AP) — Turkey’s central bank raised its key interest rate by an aggressive 7.5 percentage points, in a new sign of a return to more traditional economic policies.
The bank raised its policy rate to 25% on Thursday. The bank is continuing to backtrack from the rate-cutting course set by President Recep Tayyip Erdogan that has been blamed for inflaming a cost-of-living crisis.
Many households have been left struggling to afford rent and basic goods.
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