(hooly-news.com) – The Turkish lira ended Friday with a decline of 0.63% to 9.0283 lira to the euro, despite the eagerly awaited announcement of a rate hike from the Central Bank of Turkey (TCMB). The new governance of the TCMB resolved on Thursday to increase its 1-week repo rate by 475 basis points, to bring it to 15%, in order to curb the inflation which is undermining the Turkish economy. The lira, however, recorded a weekly gain of 0.34% against the single currency, and has rebounded more than 12% from its all-time low on November 6.

The rebound was fueled by the dismissal of the TCMB president on November 7, followed by the resignation, 24 hours later, of the finance minister, Berat Albayrak, also the son-in-law of Recep Tayyip Erdoğan.