Turkey's Central Bank Defies Erdogan With Drastic Interest Rate Hike
These days it's rare for Turkish officials to contradict President Recep Tayyip Erdogan, who has vowed not to raise rates. But that's what happened Thursday, in an urgent bid to save a deflating lira.
Few high-ranking officials in Turkey dare to defy President Recep Tayyip Erdogan these days. But on Thursday, the Turkish Central Bank did just that.
In a bid to stabilize Turkey's faltering currency, the bank boosted interest rates by more than 6 percentage points, to 24 percent,
