Turkey's central bank hikes interest rate by 500 basis points to 40%, well above expectations

Turkey's central bank on Thursday hiked its key interest rate, the benchmark one-week repo rate, by another 500 basis points to 40%.

The hike was double economists' expectations, who had forecast a 250-basis-point hike.

The move was seen as a continuation of the bank's attempt to combat high inflation and a weak lira, the Turkish currency. Inflation in the country came in at a whopping 61% in October.

This is a breaking news story and will be updated shortly.