Turkey's central bank hikes interest rate to 40% in effort to beat back double-digit inflation

euronews (in English)

The bank pushed its policy rate up by 5 percentage points, to 40%, marking its sixth big interest rate hike in a row focused on beating down inflation that hit an eye-watering 61.36% last month.

Transcript

00:00 Turkey's central bank has delivered another huge interest rate hike, pushing up its policy

00:05 rate by five points to 40 percent, the highest rate in 20 years.

00:12 Ankara is fighting an ongoing battle against double-digit inflation that has left households

00:17 struggling to afford food and other basic goods.

00:21 Analysts welcomed the rate hike, which was well above expectations.

00:25 President Erdogan's unorthodox policy of cutting interest rates to fight inflation has been

00:30 blamed for the country's economic turmoil.

00:33 [BLANK_AUDIO]

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