Turkey’s central bank on Thursday hiked its key interest rate, the benchmark one-week repo rate, by another 500 basis points to 40%. The hike was double economists’ expectations, who had forecast a 250-basis-point hike. The move was seen as a continuation of the bank’s attempt to combat high inflation and a falling lira , the Turkish currency. Inflation in the country came in at a whopping 61% in October. The lira was trading at 28.766 to the dollar following the news, slightly stronger against the greenback. Timothy Ash, emerging markets strategist at BlueBay Asset Management, was one of the few experts who expected ... (full story)