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Turkish Central Bank Raises Lending Rate To 12%

Tuesday, January 28, 2014 - 6:19 PM
“The Turkish central bank has raised its overnight lending rate to 12% from 7.75% after an emergency meeting.  It also increased the overnight borrowing rate to 8% from 3.5%. The move was intended to help stabilize the value of the lira, which plunged in recent days amid ongoing turmoil across emerging markets. The lira immediately strengthened after the central bank announcement, to 2.2 lira to the US dollar, from 2.253.”

BBC News - Turkish central bank raises lending rate to 12%

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