Turkish central bank raises interest rates to 15% after two-year freeze

Experts say increase from 8.5% may be insufficient to tackle surging inflation some estimate to be 110%

Turkey's central bank has raised interest rates for the first time in more than two years, from 8.5% to 15%, but there is widespread concern that the move is insufficient to combat rising inflation and a continuing economic crisis.

The decision marks a partial shift in the unorthodox economic policy of the president, Recep Tayyip Erdoan, under which interest rates have been frozen since March 2021 despite a sharp devaluation in the Turkish lira.