ECONOMICS - Turkish Central Bank hikes lending rate in bid to stem lira slide:
"Turkey’s central bank raised its overnight lending rate by 50 basis points today in a surprise bid to prevent a slide in the lira as worries about a reduction in U.S. stimulus hit emerging markets’ currencies.
The bank kept its one-week repo policy rate at 4.50 percent and its overnight borrowing rate at 3.50 percent, it said in a statement after its monthly monetary policy committee meeting.
The move defied consensus expectations in a Reuters poll, with 13 out of 15 economists forecasting all rates would remain on hold. Only two forecast a 50 basis-point hike in the overnight lending rate, largely due to higher U.S. Treasury yields, which have put pressure on the lira."
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