Turkey surprises with bigger-than-expected interest rate hike to 25% in bid to tame inflation

Turkey's central bank on Thursday hiked interest rates by more than expected to 25% in bid to tame red-hot inflation.

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Turkey's central bank on Thursday hiked interest rates by more than expected to 25%, signaling it was willing to follow through on a new commitment to damp inflation through monetary policy.The embattled Turkish lira rallied against the euro and U.S. dollar on the news.

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