Turkish Central Bank Raises Lending Rate to 12% - Presented by: The Aol. On Network

Inside the Turkish central bank officials held an emergency policy meeting at midnight. They decided to raise the country's overnight lending rate from 7.75 percent to 12 per cent. The move's to help stabilize the value of the lira, which has recently plunged amid ongoing turmoil across emerging markets. The overnight borrowing rate was also increased from 3.5% to 8 per cent. The lira immediately strengthened against the dollar after the central bank announcement.



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