ISTANBUL -- Two weeks after President Recep Tayyip Erdogan appointed former Goldman Sachs banker Hafize Gaye Erkan as governor, Turkey's central bank delivered a 6.5-point interest rate hike on Thursday, lifting the benchmark rate to 15%.
The first hike since March 2021 was lower than expected for a country facing an inflation rate of 39.6%. The lira tumbled 3% to a new depth of 24.3 to the dollar shortly after the central bank move was announced.
