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Turkey's central bank hikes interest rates again as it tries to tame eye-watering inflation
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A man purchases food from a street vendor at Kadikoy ferry terminal in Istanbul, Thursday, Nov. 16, 2023. Turkey's central bank delivered another huge interest rate hike on Thursday, Nov. 23, 2023 continuing its effort to curb double-digit inflation that has left households struggling to afford food and other basic goods. - photo by AP Photo/Francisco Seco
ANKARA, Turkey (AP) — Turkey’s central bank delivered another huge interest rate hike on Thursday as it tries to curb double-digit inflation that has left households struggling to afford food and other basic goods. 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. However, the bank said its rate hikes would soon end.