Turkey’s interest rate has soared 6.25 points from 17.75 percent to 24 percent as the country struggles to contain an economic crisis which has seen the value of the lira plunge and inflation hit its highest levels for 15 years.

The Turkish Central Bank announced the increase despite fears from President Recep Tayyip Erdogan – an avowed “enemy of interest rates” – was putting pressure on the bank to keep rates on hold.

It has now increased interest rates by 11.25 percentage points since late April as it struggles to bring the lira out of freefall.

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