Turkey Raises Key Interest Rate to 25% in Bid to Curb Inflation

The Turkish central bank hiked interest rates higher than expected in an effort to control rising prices.
The rate increase aims to stabilize the lira and rein in inflation, which neared 50% in July.
Analysts see the move as a shift away from Turkey's previous unorthodox policy of lowering rates to boost growth.
The lira rallied against the dollar and euro following the announcement of the rate hike.
Inflation in Turkey has been falling since October but remains high, driving the central bank's policy change.