Turkish Central Bank raises key rate for the first time in 27 months 

The Turkish Central Bank has decided to raise its key rate from 8.5 percent to 15 percent as part of a crackdown on the country's economy.

Simultaneously with the rate hike, the Turkish Central Bank sent a harsh signal to the market. "Monetary policy tightening will continue to intensify as needed, in a timely and gradual manner, until a significant improvement in the inflation outlook is achieved. Inflation indicators will be closely monitored, and the Central Bank will continue to use all instruments at its disposal decisively in line with its core objective of price stability," Central Bank officials said.