The Turkish Central Bank increased interest rates by 1.75% to 15% yesterday.

The Turkish Central Bank increased interest rates by 1.75% to 15% yesterday in an effort to control higher than expected inflation figures published earlier this month. Last month the bank reduced rates.

The currency markets have responded quietly with the rate dropping from 2.91 YTL to 2.85YTL to the £ earlier today.

The next big test for the currency will be the success or otherwise of the EU accession talks.

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