Central Banks
Turkey Raises Overnight Rate in Shock Meeting to Boost Lira
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Turkey’s central bank raised one of its key interest rates in a surprise meeting on Thursday, the latest move by authorities to reverse a decline in the lira.
The monetary authority hiked the overnight lending rate by two percentage points to 46%, while keeping the main gauge of one-week repo unchanged. The lira, which tumbled 3.2% a day earlier, rose briefly after the news and was trading 0.1% lower at 37.9520 per dollar at 7:22 p.m.