This is the third consecutive rate hike by the CBRT, and the largest single-day increase since 2001.

The decision comes as Türkiye grapples with soaring inflation, which reached 78.62% in June.

The CBRT said that the rate hike was necessary to "establish the disinflation course as soon as possible, to anchor inflation expectations, and to control the deterioration in pricing behavior."

The CBRT also said that it will continue to tighten monetary policy until inflation is brought under control. The bank's next monetary policy meeting is scheduled for September 13. (ILKHA)