In a move to counter skyrocketing inflation, Turkey's central bank has hiked its key interest rate to an unprecedented 50 per cent. According to a report by AP News, this unexpected decision aims to combat the severe economic challenges faced by households grappling with soaring prices for essential goods and services.

Turkish central bank jumps interest rates to 50 pc amid surging inflation

The Turkish lira weakened 13 per cent after President Tayyip Erdogan removed a central bank deputy governor, Murat Cetinkaya, from his post on Tuesday, 10 days after he fired the bank's hawkish governor in a shocking move.

Turkish lira drops after President Erdogan fires deputy central bank chief

Turkish President Tayyip Erdogan sacked the central bank governor for refusing the government's repeated demands for rate cuts, Hurriyet newspaper on Sunday quoted Erdogan as telling a meeting with his party's lawmakers.

Erdogan says Turkish central bank chief ousted for refusing rate cuts: Report