Turkey's central bank raises key rate to 25%

The Central Bank of Turkey raised its key interest rate by 7.5 percentage points on August 24, signaling it was willing to follow through on a new commitment to damp inflation through monetary policy.

"Türkiye's Central Bank aised its key policy rate, also known as the one-week repo rate, by 750 points to 25%," the statement reads.

The main policy rate was previously at 17.5%. Economists expected a rise to 20%.