The Turkish central bank raised its key interest rate by 625 basis points in a move that boosted the Turkish currency and may ease investor fears over the Turkish economy.
The bank raised the repo rate for a week to 24%, and the Turkish central bank has raised interest rates by 11.25% since late April, in an effort to stop the falling lira.
The decision came despite the confirmation of Turkish President Recep Tayyip Erdogan, his opposition to high interest rates, saying that inflation resulted from the wrong steps taken by the Central Bank.
In currency markets, the exchange rate of the US currency fell after the decision, by 2.3% to 6.1987 Turkish lira.
The decline of the Turkish lira has accelerated this year, amid a dispute between Ankara and Washington over the fate of the US pastor Andrew Branson, who is being held in Turkey and facing terrorism charges there.