this is the business i'm crystal coble welcome to the turkish lira surged on thursday after the country's central bank raised the key interest rate by more than six percentage points turkey's financial authorities have met in a last ditch effort to slow the dramatic descent of the mirror which has plunged more than forty percent against the dollar this year analysts had argued for a drastic rate hike to keep prices from further skyrocketing president ratchet type add on had to post such a move claiming higher rates would worsen the country's economic problems. so turkey's central bank raises interest rates and president out on those like it here's what he had to say ahead of thursday's decision. used. when you look at interest rates and inflation in terms of cause and effect. fly years interest rates are the cause and inflation is the effect. but if you see inflation as the cause and interest rates are at the effect then my friend you don't know this business. because you can set the interest rates sanctities what inflation will still occur just now most economists of course subscribe to