Turkey central bank's move eases concerns of Erdogan's influence on monetary policy

ISTANBUL, Sept 13 (Reuters) - Turkey's central bank decided to implement strong monetary tightening to support price stability, it said on Thursday, as it raised interest rates by 625 basis points in the face of a spike in inflation and a slump in the lira.

"If needed, further monetary tightening will be delivered," the bank said in a statement.

The lira had lost 40 percent of its value against the dollar this year, hit by concerns about President Tayyip Erdogan's influence over monetary policy and, more recently, a diplomatic spat between Turkey and the United States.