The hefty 6.25 percentage point rise is the bank's latest attempt to stem the currency's collapse.
The central bank hiked the one week repo auction rate 625 basis points from 17.75 percent to 24 percent, significantly higher than the Bloomberg consensus of an increase to 21 percent.
The monetary policy committee said deterioration in pricing behaviour continued to pose upside risks on the inflation outlook, despite weaker domestic demand conditions.
While the lira's plight has made it "rational to expect at least 1000 basis points" added to interest rates, opposition to higher borrowing costs among Turkish officials made a smaller increase more realistic, Rabobank currency strategist Piotr Matys said before the decision. The rate hike could squeeze growth further, but independent experts say it is needed to contain inflation of about 18% and support the currency.
The currency has plunged in recent months and even after Thursday's rise was down nearly 39% against the dollar this year. At 1122 GMT, it stood at 6.15. The lira has lost roughly 40 percent of its value against the USA dollar this year, and its inflation rate sits at about 18 percent.
The next two Monetary Policy Committee meetings are to be held in October.
Turkey's central bank today surprised markets with a bigger than expected rate hike to battle soaring inflation and boost the lira, prompting the embattled currency to surge in value. Subsequently, the lira lost some 25 percent of its value while Turkish authorities have taken a series of steps created to support the currency, with the central bank taking liquidity measures and the banking watchdog limiting derivative transactions.
"For a country that is in really deep distress like Turkey, what is important is to restore some of the independence of the central bank and take measures to stem the currency's fall".
Countering a trend popular within Turkey, especially within the retail sector, the government said any contracts previously made in foreign currency but which were now in effect must be converted into lira within 30 days.
Thomas Linley , a research associate at Newcastle University who participated in the expedition alongside 39 other scientists. These creatures belong to an unidentified species of the Munnopsidae family and grow to be the size of an adult human hand.
Nowadays, there is a trend to consume low-fat milk or dairy products because, allegedly, it's better for our health. One serving of dairy or a glass of milk, or 244 grams of yogurt 15 grams of cheese , or 5g of butter.
Elizabeth's Hospital. "Most importantly, our thoughts are with the victim of this incident", the statement reads. Bird was originally scheduled to be arraigned on Monday, but that was delayed as he remained hospitalized at St.
Ramsey said recently that he thinks the biggest reason for the Jaguars losing that game was that they became too conservative. So Gronkowski should expect the grandma treatment on Sunday - if Ramsey lines up on him. "I love the competitiveness".
Following Hurricane Florence are two more powerful storms crossing the Atlantic, namely Tropical Storm Isaac and Hurricane Helene. It is estimated that the wind speed in the eye of the hurricane reaches more than 200 kilometers per hour.
Food and Drug Administration's announcement that it's cracking down on e-cigarettes in an effort to combat youth vaping. Juul Labs said it would work with the FDA on its request and is committed to preventing underage use of its product.
But a man testifying four years ago in the Philadelphia trial of Monsignor William Lynn , the first senior U.S. Catholic Church official convicted of concealing sex abuse, accused Bransfield of misconduct.
The move follows a push from USA lawmakers last month who sought to punish Chinese Communist Party officials . The economic sanctions over human rights violations in China would be a first for the Trump administration.
Additionally, Nintendo announced on Thursday " Final Fantasy XV Pocket Edition HD " will be available for Switch on the eShop. That's a lot of Final Fantasy , but I know what you're thinking: Where's VIII? The game supports two-player co-op.
'Catastrophic' Hurricane Florence buffets U.S. east coast
People are seen inside a shelter run by Red Cross before Hurricane Florence comes ashore in Grantsboro, N.C., September 13, 2018. As of 11 p.m., Florence was centered about 135 kilometer east-southeast of Wilmington , its forward movement slowed to 7 kph.
Marcus Rashford 'to fight for Manchester United place'
Jose Mourinho has slammed his critics in an astonishing rant centred around the playing time of Marcus Rashford . He will serve the first game of a three-match suspension when United travel to face Watford on Saturday evening.
Everything to expect from Apple’s iPhone event
Apple is expected to launch three new iPhones along with the rumoured Apple Watch 4 series, iPads and Homepods on September 12. Apple is expected to unveil new iPhones on Wednesday - and leaks from China are already giving us hints of what's to come.
Hurricane Florence looms over East Coast — WHAT’S HAPPENING
He said all the calls for reservations were coming from either SC and North Carolina where the damage is supposed to be the worst. Even miles away from the Atlantic, North Carolina residents in low-lying areas are boarding up and emptying stores.