Turkey's central bank hikes interest rate by 500 basis points to 40%, well above expectations

Lee Duna@lemmy.nz to World News@lemmy.world – 132 points –
Turkey's central bank hikes interest rate by 500 basis points to 40%, well above expectations
cnbc.com
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Its sad to see how my country is going shittier every fucking day

It's fucking stupid to do it all at once but I think this should have happened ~5 years ago. Raising interest rates are how you fight inflation.. We wouldn't be in a situation where it costs 500 TL for one sucuk if they started doing this well before covid.