Turkey's Taksim Square, with the figure of Kemal Ataturk, the first president, and the Turkish flag in the background.
Turkey's central bank on Thursday hiked its key interest rate, the benchmark one-week repo rate, by another 500 basis points to 40%.
The move was seen as a continuation of the bank's attempt to combat high inflation and a falling lira , the Turkish currency.
Timothy Ash, emerging markets strategist at BlueBay Asset Management, was one of the few experts who expected a 500-basis-point hike.
"Really impressive move by the CBRT [Central Bank of the Republic of Turkey] - probing their orthodoxy and getting well ahead of expectations," he said in a note.
Persons:
Turkey's, Kemal Ataturk, Timothy Ash
Organizations:
Turkish, BlueBay Asset Management, Central Bank of, greenback
Locations:
Turkish, Republic of Turkey, Ankara