Turkish President Recep Tayyip Erdogan makes a speech to the Confederation of Turkish Tradesmen and Craftsmen in Ankara on September 13, 2018. Kayhan Ozer / Anadolu

The Central Bank of Turkey on Thursday hiked its one-week repo rate by 625 base points, raising its policy rate from 17.75 to 24%, state news agency Anadolu reported.

The bank’s Monetary Policy Committee said in a statement it was implementing “a strong monetary tightening to support price stability.”

The move comes amid a currency crisis and spiking inflation.

It follows vocal opposition to interest rate hikes from President Recep Tayyip Erdoğan. In May this year, the Turkish leader prompted one of the biggest ever losses to the lira when he declared to investors in London that he believed higher interest rates are the reason for high inflation.

The latest rate hike could help ease fears that the central bank cannot act against Erdogan’s wishes.