The move has “stunned” economists who expected the central bank to keep rates unchanged The Turkish central bank raised its benchmark interest rate by 500 basis points to 50% on Thursday, citing the need to tame skyrocketing inflation. The hike came as a surprise, as most economists expected the central bank to keep rates unchanged. The monetary policy committee cited a “higher than expected” surge in the country’s year-on-year inflation last month. Inflation soared to 67% in February, fueling concerns that Türkiye’s central bank may have to return to tightening. “In response to the deterioration in the inflation
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