Turkey’s central bank raised its key interest rate Thursday, reversing a previous course of rate reductions as political conflict threatens to stymie the bank’s efforts to tame high inflation, the Wall Street Journal reported. The bank said it will raise its one-week repo rate to 46% from 42.5% previously. It had been expected to keep rates on hold, according to economists polled by FactSet. Recent developments in financial markets are likely to lead core goods inflation to rise this month, the bank said in a statement.
Bankruptcy proceedings at Turkey's IS Gida have resulted in the closure of 537 restaurants and the loss of 7,000 jobs IS Gida, the former operator of the KFC and Pizza Hut franchises in Turkey, has filed for bankruptcy after debt reached TR7.7 billion ($214 million), AGBI.com reported. The filing comes a month after the US-based owner of KFC and Pizza Hut terminated its franchise agreements with the Turkish company, state-run Anadolu Agency (AA) reported.