ISTANBUL (AP) — Turkey’s central bank raised its key interest rate to 17.5% Thursday in a further sign of commitment to orthodox economic policy following elections in May.

The 2.5 percentage point hike came a month after the bank raised rates from 8.5% to 15% following more than a year of rate-cutting prompted by President Recep Tayyip Erdogan.

The bank started cutting rates in late 2021 in line with Erdogan’s belief that lowering interest rates fights inflation, contradicting traditional economic theory.