Turkish central bank raises rates sharply to prop up lira [CNBC]
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Source: CNBC
Getty Images Turkish Lira banknotes Turkey's central bank raised interest rates by 300 basis points on Wednesday in an emergency move to put a floor under the plunging lira currency and calm investors unnerved by interventions from President Tayyip Erdogan. The central bank, which had been scheduled to hold its next policy-setting meeting on June 7, said it had increased its top interest rate to 16.5 percent from 13.5 percent, prompting a sharp rally in the lira after it earlier tumbled 5 percent. Investors had been betting the selloff in the lira - which has fallen about 20 percent so far this year to a series of record lows - would force the bank into action. The currency reversed course after the decision and was about 2 percent firmer on the day at 4.5656 to the dollar at 1917 GMT. It earlier hit an all-time low of 4.9290. It is high time to restore monetary policy credibility and regain investor confidence, Deputy Prime Minister Mehmet
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