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Wednesday, October 26, 2011

Turkey More Than Doubles Banks’ Overnight Borrowing Cost to Curb Inflation - Bloomberg

Turkey More Than Doubles Banks’ Overnight Borrowing Cost to Curb Inflation

By Ali Berat Meric and Steve Bryant - Oct 26, 2011 3:59 PM GMT+0200

Traffic passes the headquarters of Turkey's central bank. Photographer: Kerem Uzel/Bloomberg

Turkey’s central bank more than doubled borrowing costs for banks, effectively raising interest rates to tackle the threat of inflation. Bond yields and the lira surged.

More:Turkey More Than Doubles Banks’ Overnight Borrowing Cost to Curb Inflation - Bloomberg