TURKEY-ECONOMY

A teller counts US dollar bills at an exchange office in Ankara on July 20, 2023. Turkey's central bank hiked its main interest rate for the second month in a row, but analysts said the unwinding of President Recep Tayyip Erdogan's unconventional policy was too timid to tame inflation. After years of cuts that aimed to boost growth but fuelled inflation and caused the lira to tumble, the bank doubled its rate last month from 8.5 percent to 15 percent. The latest hike was smaller, at 2.5 percentage points, taking the rate to 17.5 percent. (Photo by Adem ALTAN / AFP) (Photo by ADEM ALTAN/AFP via Getty Images)