Turkey’s central bank sharply raises interest rates

Turkey's central bank raised all of its main interest rates to fight rising inflation and tumbling lira.

The benchmark seven-day repo rate more than doubled from 4.5 percent to 10 percent, and the overnight lending rate was hiked from 7.75 percent to 12 percent.

The central bank made the decision at an emergency policy meeting on Tuesday (local time), despite objections from Prime Minister Tayyip Erdogan.

AJP