Turkey's Central Bank has raised its interest rate from 8.5% to 15% in a bid to tackle inflation, marking the country's first rate hike since March 2021. The move, which was below analyst expectations of a 20% hike, comes amid a dramatic monetary policy U-turn by the country's newly re-elected President Recep Tayyip Erdogan. Some analysts criticised the move for not going far enough. The lira weakened to a record low of 24.1 against the dollar following the news.

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