On Friday, the Turkish central bank raised interest rates in its lira swap operations to 11.75% from 10.25%, continuing additional tightening steps in the face of a weaker lira after it surprisingly increased the main interest rate last month.
After raising the interest rate in its swap operations, the lira rose to about 7.90 against the US dollar from the record low of 7.9550 that it recorded earlier, and then soon the Turkish currency fell to 7.9375.
Last month, the bank raised the 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. (Reuters)
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