Turkiye lifts rate to 35pc

Turkiye’s central bank sharply lifted its policy rate for the fifth month running on Thursday as part of its politically charged battle against historically high inflation rates. The bank said it was taking its main lending rate to 35 per cent from 30pc because “inflation readings were above expectations” over the past three months. Its statement also retained a pledge to raise rates further “in a timely and gradual manner” until “a significant improvement in the inflation outlook” is achieved. Turkiye’s official annual inflation rate peaked at 85pc last October and climbed back up above 60pc last month.