Turkey delivers big rate hike to defend currency The Turkish - TopicsExpress



          

Turkey delivers big rate hike to defend currency The Turkish central bank hikes its overnight lending rate to 12% from 7.75% and the overnight borrowing rate to 8% from 3.5%, in a surprisingly strong move to defend the countrys embattled currency and perhaps alleviate the declines in emerging market currencies.Analysts say Turkeys decision is significant since the central bank had come across as reluctant to take action - indeed, its political independence was not considered a certainty.The turkish lira jumps more than 3% on the move, which has propelled Dow futures sharply higher and should spark a strong open for Asias equity markets.ETFs: TUR, ARGT.
Posted on: Wed, 29 Jan 2014 04:22:23 +0000

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