Turkey’s central bank hiked its key interest rate to 30% on Thursday, a 500-basis point jump from 25%, as Ankara continues to battle double-digit inflation. The Turkish lira weakened slightly to 27.06 against the dollar on the news, with the greenback up 0.3% against the local currency at 2:05 p.m. in Istanbul. The central bank decision follows a series of rate hikes that have been painful for Turks, as the country aims to turn around several years of skyrocketing inflation and dramatically weakened currency — in large part the result of stubbornly loose monetary policy by the Ankara government. The lira is down 30% ... (full story)