Today, Friday, the Turkish central bank raised the interest rates in its lira swap operations to 11.75% from 10.25%, continuing additional tightening steps to counter the weakness of the lira, after it suddenly raised the main interest rate last month.
After raising interest rates in the swap operations, the lira rose to about 7.90 against the US dollar from the record low of 7.9550, which it recorded earlier today, but the currency fell slightly to 7.9375.Last month, the bank raised its key interest rate by 200 basis points to 10.25%, after it resorted to indirectly tightening its policy for weeks to support the lira, which fell to an all-time low.
The interest rate hike pushed the weighted average cost of financing to 11.56% by Thursday from a low of 7.34% in July.
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