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Turkish lira banknotes are seen in this illustration photo taken in Krakow, Poland on June 1, 2022

Jakub Porzycki/NurPhoto via Reuters

Hard Numbers: Turkey hikes rates, US strikes Syria, France sentences jailbreak legend, Qatar to execute Indians, China cracks cat caper

35: Turkey’s central bank ordered another monster rate hike on Thursday, upping the key lending benchmark by 5 percentage points to 35%. The move comes after a similar increase last month as the Central Bank struggles to tame an annual inflation rate above 60%. Since President Erdogan was reelected in May, he’s allowed the bank to drop his “actually high interest rates cause inflation” approach in favor of a more orthodox hawkish policy.

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