Turkey’s central bank raised interest rates by 2.25% on Sunday.

Turkey’s central bank raised interest rates by 2.25% on Sunday in an effort to stop the slide in the value of the currency. It has also said that it will start lira purchase auctions too.

Overnight interest rates now stand at 17.25%. The government has also said that it will publish details of the latest inflation figures shortly. The figures last month were worse than expected and further added to the slide in the currency.

Savers in the Turkish Lira should now see their rates increase by a similar amount. At a rate of 17% the saver would see a cash return of 14.45% after the government tax of 15% is levied.

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