Eyes on Turkish Central Bank for rate decision

Türkiye was widely expected today to raise interest rates to fight inflation.

The central bank is expected to change course and raise rates on Thursday after President Recep Tayyip Erdoğan appointed a former Wall Street executive to head the institution following his re-election last month.

He appointed investor-backed economist Mehmet Şimşek as finance minister and former Goldman Sachs director Hafize Gaye Erkan as the head of the nominally independent central bank.

Türkiye had "no choice but to return to rational ground", Şimşek said after taking office.