The rate rise comes on the same day as the Bank of England left the interest rate untouched at 0.75%, citing heightened risks to global growth as a result of volatility within emerging markets, as well as tensions between the USA and China.
Turkey ruled on Thursday that property sales, rental contracts and leasing transactions must be made in lira from now on, halting the use of foreign currencies for such deals in a fresh step to support the ailing local currency.
The central bank hiked the one week repo auction rate 625 basis points from 17.75 percent to 24 percent, significantly higher than the Bloomberg consensus of an increase to 21 percent.
On Thursday, the Turkish Central Bank exercised that independence - and appeared to reassure investors in the process.
"Accordingly, the Committee has made a decision to implement a strong monetary tightening to support price stability", the monetary policy committee statement said.
Thursday's decree and Erdogan's remarks come after the lira's drastic fall in value against the USA dollar last month, during one of the worst diplomatic rows between North Atlantic Treaty Organisation allies Washington and Ankara.
It also said that the "tight stance in monetary policy" would continue until further improvement in the inflation outlook.
TRT World's Turkey analyst Yusuf Erim has more.
The central bank surprised investors by not raising rates when it last met in July.
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"Turkey needs structural reforms to increase productivity, to decrease its dependence on short-term portfolio flows and to decrease the rigidness in the labour market".
Economists have argued the nominally independent bank has come under pressure from Erdogan who, only a couple of hours before its decision, launched a blistering attack on the bank and described interest rates as a "tool of exploitation".
"It nearly seems like it's a game of "good cop, bad cop" being played out between the Turkish authorities - with President Erdogan on the one hand still making statements regarding his dislike of interest rates and. a very sizeable reaction from the central bank in response to the recent inflationary and geopolitical developments".
Anthony Skinner, director of Middle East and North Africa at Verisk Maplecroft, told AFP he believed the hike had already been agreed. And on the morning of the rate hike decision, Erdogan was busy.
The bank later said funding would be provided via the policy rate, the one week repo auction rate, instead of through overnight lending from September 14.
Turkey's currency crisis has been driven by concerns about Erdogan's influence on monetary policy, but also more recently by the country's diplomatic row with the United States.
"Great decision - made all the more hard by the huge pressure on the central bank from Erdogan", said Bluebay Asset Management LLC strategist Tim Ash.
The US hit two Turkish ministers with sanctions over the detention of US pastor Andrew Brunson and President Donald Trump doubled steel and aluminium tariffs on Turkey.
A team of researchers at Harvard University announced in May that they believed Hurricane Maria's death toll was 4,600. The bottles were part of relief efforts after the devastating hurricane ripped through the USA territory.
Colorful identity: If you want your iPhone XS to be any color than gold, silver or black-grey, you'll have to buy a case. The iPhone XS , iPhone XS Max and iPhone XR will be in stores by the end of September, and they will not come cheap .
Five people have been killed in a string of shootings in Bakersfield, California . "This is the new normal", said Youngblood. CBS 13 reports that investigators say the man behind the shootings is among the dead and shot himself in the chest.
Three attackers also died in the incident, which Beijing blamed on separatists from the restive western region of Xinjiang. Harrowing footage showed hundreds of people running away in panic as the 4x4 smashed into the crowd.
At one point, he appears genuinely interested in using her service, instructing her to tell her boss to sign him up. When she arrived, Weinstein allegedly led her to his hotel room where she says he raped her.
This is said to be because the CEO of the Women's Tennis Association (WTA ), Steve Simon , and the U.S. Williams later broke her racket and shouted at Ramos, which led to a penalty point and a game penalty.
Microsoft is now training users to click through these warnings, which also appear after you download and launch an app. I tried to install Chrome Stable and Firefox Stable, and both installations were intercepted by the prompt.
The feed from the new side camera's will be displayed inside on two 5-inch displays that sit on the ES' a-pillars. . However, Lexus' new camera system will only be available in the Japanese market for the ES 300h version L.
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The outrage has also been directed at Francis and the Vatican and has fueled conservative criticism of Francis' pontificate. A US bishop accused of molesting adults resigned on Thursday, in the latest sex abuse scandal to rock the Catholic Church .
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