September 13, 2018 / 11:13 AM / 8 months ago

Turkish central bank says to keep policy tight, after hiking rates 625 basis points

ISTANBUL, Sept 13 (Reuters) - Turkey’s central bank decided to implement strong monetary tightening to support price stability, it said on Thursday, as it raised interest rates by 625 basis points in the face of a spike in inflation and a slump in the lira.

“If needed, further monetary tightening will be delivered,” the bank said in a statement.

The lira had lost 40 percent of its value against the dollar this year, hit by concerns about President Tayyip Erdogan’s influence over monetary policy and, more recently, a diplomatic spat between Turkey and the United States. (Reporting by Daren Butler and Ece Toksabay; Editing by Humeyra Pamuk)

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