Turkey's central bank hikes rate to 15%

Turkey's has seen a major shift in its approach towards managing sky-high inflation. For the first time in nearly 3 years, the country's central bank has hiked its interest rates. The lending rate has been hiked from 8.5% to 15%. That's a massive 6.5 percentage point rise, which is lower than what analysts expected but it is significant as it is the first rate hike since December 2020.