Turkish central bank raises overnight rates in bid to stop lira’s fall

Turkish president Recep Tayyip Erdoğan

Turkey’s central bank and its financial regulatory authority have taken action to try to stem the rapid depreciation of the country’s currency, the lira.

The Central Bank of Turkey has held its benchmark interest rate at the one-week window at 17.75%, but raised the rate for overnight transactions to 19.25%.

The move comes despite Turkish president Recep Tayyip Erdoğan repeatedly expressing his hostility to any interest rate hike. The CBT last raised its benchmark interest rate at the one-week

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