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 main policy rate was previously at 17.5%. Economists polled by Reuters expected a rise to 20%.

The embattled Turkish lira rallied against the euro and U.S. dollar on the news.

This is a breaking news story and is being updated.