The Turkish lira plunges to its lowest level on record after central bank hikes interest rates by 650 basis points in inflation fight
lira fell 4%
"The strong course of domestic demand, cost pressures and the stickiness of services inflation have been the main drivers [of inflation]," Turkey's central bank said in a statement, adding that its tightening will help bring down inflation"as soon as possible."when President Recep Erdogan pressured the central bank to cut interest rates despite soaring inflation in a bid to prop up the country's economy.
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