, Columnist
Turkey's Rate Hike Shock Leaves Room for Awe
Officials may have left it too late to save the lira.
Letting the lira have a shot in the arm.
Photograph: Anadolu Agency
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The Turkish central bank finally delivered much needed shock and awe. But it isn't enough to save the lira.
The bank raised its late liquidity window rate by 300 basis points to 16.5 percent after an extraordinary meeting on Wednesday. Of course Turkey’s problems cannot be solved by a rate hike, though it is certainly a decent starting point. It’s good to see sense creeping in.