Turkish Central Bank Hikes Key Rate to Boost Lira

By: Associated Press Email
By: Associated Press Email

ANKARA, Turkey (AP) - Turkey's central bank has raised its key interest rate to 12 percent from 7.75 percent to try to stave off inflation and support the national currency, which has fallen sharply in recent weeks.

The decision was taken Tuesday at an emergency meeting the central bank called for after the currency, the lira, hit a record low.

The lira has been dropping amid concerns that a bribery scandal might destabilize the government. Like currencies in other emerging markets, the lira has also been battered by concerns over a slowdown in global growth and the potential impact of the withdrawal of the Federal Reserve's stimulus in the United States.

A higher interest rate is intended to draw investor money into Turkey, which could boost the lira's value.

Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
KOLO-TV 4850 Ampere Drive Reno, NV 89502
Copyright © 2002-2015 - Designed by Gray Digital Media - Powered by Clickability 242472551 - kolotv.com/a?a=242472551
Gray Television, Inc.