Turkey hikes interest rates to 15% as Erdogan reverses policy on fighting inflation
By Anna Cooban, CNN London (CNN) — Turkey’s central bank almost doubled interest rates to 15% Thursday in a dramatic reversal of its unorthodox policy of cutting the cost of borrowing to tame painfully high inflation. Annual consumer price inflation has come down from a two-decade high of 85.5% in October but was still 39.6%
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