Turkey Increases Key Interest Rate for the First Time in Two Years

ANKARA--July 26, 2013--Researched by Industrial Info Resources (Sugar Land, Texas)--The Central Bank of Turkey (CBT) (Ankara, Turkey) raised its overnight lending rate by 75 basis points to 7.25% in order to tighten monetary conditions and stabilise the lira. In line with expectations, the CBT kept its policy rate and borrowing rate unchanged at 4.5% and 3.5%, respectively. The bank's management also said that "additional monetary tightening will be implemented when necessary."