Turkey's central bank raised interest rates to 24% Thursday in an effort to shore up the lira, which has lost 40% of its value against the dollar this year, reports the FT.

The big picture: Turkish President Recep Tayyip Erdogan has previously described interest rates as "the mother of all evil," and prompted a further drop in the lira by calling for the central bank to lower rates ahead of its policy meeting Thursday. Nonetheless, the lira spiked 5% against the dollar on news of the rate hike.