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Turkey Lifts Rates After Erdogan’s Endorsement of Austerity

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ISTANBUL—Turkey’s central bank sharply raised its benchmark interest rate, pledging to combat inflation less than two weeks after President Recep Tayyip Erdoganreshuffled his economic team and backed a shift in approach to repair an economy beset by a dwindling currency.

Led by newly appointed governor Naci Agbal, the central bank Thursday raised its key, one-week repo rate to 15% from 10.25%, saying it would provide all funding through that facility.

The…

I actually joined APC on Nov. 10- Gov. Umahi

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