Exterior of the Turkish Central Bank, known as Turkiye Cumhuriyet Merkez Bankasi in Ankara.
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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 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.
