Turkey’s central bank made a surprising move on Thursday by increasing interest rates to 25%, surpassing expectations. This decision demonstrates the bank’s commitment to combatting inflation through monetary policy.

Prior to this adjustment, the main policy rate was at 17.5%. Economists surveyed by Reuters had predicted a modest increase to 20%.

As a result of this news, the struggling Turkish lira experienced a positive surge against both the euro and the U.S. dollar.

Please note that this is a developing story and updates will be provided.