Black Wednesday in Ankara?
Jan 29th 2014, 15:59 by Buttonwood
THE rot has not been stopped. Last week, it seemed as if the Turkish authorities were in denial. Inflation was too high, the current account deficit was too wide but the central bank failed to push up interest rates; the lira was sinking. But the bank acted decisively last night, pushing the rate on 7-day repos to 10% (from a theoretical 5.25%) and overnight rates by more than four percentage points. The initial reaction was positive, with the lira rebounding and Asian equity markets moving higher.
More:Emerging markets: Black Wednesday in Ankara? | The Economist
