Turkey's central bank on Thursday raised its key lending rate to a 20-year high following a sudden turn towards conventional economics by President Recep Tayyip Erdogan. The bank lifted its policy rate to 30 percent from 25 percent and promised more belt-tightening measures in the future. It followed a new surge in inflation that came in partial response to tax increases that Erdogan's government imposed to help pay for the promises of his May re-election campaign. "Inflation was above expectations in July and August," the bank said in statement. "Inflation will remain close to the upper limit of the forecast range," it warned. The mercurial Turkish leader perfor
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