- 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
From other sites
Video at CNBC.com (May 16, 2014)
Video at CNBC.com (May 15, 2014)
at CNBC.com (Jul 11, 2013)
at CNBC.com (Jun 21, 2013)
at CNBC.com (Jun 11, 2013)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs