Turkish central bank lifts its interest rate by 500 points

Türkiye's Central Bank hiked its key interest rate to 30% on Thursday, a 500-basis point jump from 25%.

The Turkish lira weakened slightly to 27.06 against the dollar on the news, with the greenback up 0.3% against the local currency.

The Turkish central bank decision follows a series of rate hikes, as the country aims to turn around several years of skyrocketing inflation.

It is a fourth straight increase since June.