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Turkish central bank hikes lending rate
Muhammad Iqbal
20 Aug, 2013
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![](https://i.brecorder.com/images/2013/08/turkish-400.jpg">ISTANBUL: Turkey's central bank raised its overnight lending rate by 50 basis points on Tuesday in a surprise bid to prevent a slide in the lira as worries about a reduction in US stimulus hit emerging markets' currencies.</P><P class=MsoNormal>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.</P><P class=MsoNormal>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 US Treasury yields, which have put pressure on the lira.</P><P class=MsoNormal>The lira firmed to 1.9420 against the dollar after the announcement. The yield on the 10-year bond fell to 9.14 percent, from 9.25 beforehand.</P><P class=MsoNormal>)