Turkey raises interest rates to 24% in startling bid to curb inflation

Central bank ignores Recep Tayyip ErdoAan's calls for restraint and sees lira recovery

Turkey's central bank has raised its key interest rate to 24% in a dramatic bid to control rocketing inflation and prevent a currency crisis.

Ignoring calls for restraint from President Recep Tayyip ErdoAan, the bank raised its main short-term rate from 17.5% following weeks of pressure from international investors. Financial markets have grown increasingly concerned that Turkey is in danger of adding its name to the list of countries seeking a rescue loan from the International Monetary Fund.