ISTANBUL—Turkey’s central bank raised its interest rates—a surprising step amid recurrent calls by President Recep Tayyip Erdoğan to keep them low—in an attempt to counter the rapid erosion of the Turkish lira.
The bank increased its main rate to 10.25% from 8.25% Thursday, citing concerns over high inflation, and saying measures it took last month to tighten money supply should be reinforced.
The…
