- The Turkish central bank hikes its overnight lending rate to 12% from 7.75% and the overnight borrowing rate to 8% from 3.5%, in a surprisingly strong move to defend the country's embattled currency and perhaps alleviate the declines in emerging market currencies.
- Analysts say Turkey's decision is significant since the central bank had come across as reluctant to take action - indeed, it's political independence was not considered a certainty.
- The turkish lira jumps more than 3% on the move, which has propelled Dow futures sharply higher and should spark a strong open for Asia's equity markets.
- ETFs: TUR, ARGT.
Turkey delivers big rate hike to defend currency
Jan 28 2014, 18:24 ET