The Turkish central bank kept its main interest rates steady on Tuesday, but analysts said it carried out a modest tightening of monetary policy by removing a lower rate. The bank, which is statutorily independent, kept all its main rates in place - the one-week repurchasing or repo rate at 4.5 percent, its borrowing rate at 3.5 percent and its key overnight lending rate at 7.75 percent.
The turbulence caused by speculation earlier this year about the United States winding down its monetary stimulus led to an outflow of a lot of funds that had been invested in emerging countries, and the Turkish lira fell sharply.