(Bloomberg) -- Turkey’s central bank raised its late liquidity window rate by 300 basis points to 16.5 percent on Wednesday, it said in a statement on its website after an emergency meeting of its monetary policy committee.
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The bank said it held all other key interest rates unchanged.
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The bank said the rate increase was a “powerful monetary tightening" and vowed to continue using all instruments at its disposal should they be needed. Tight policy will be maintained until there’s a marked improvement in inflation outlook, the statement said.
The lira reversed earlier losses of as much as 5.5 percent and was trading little changed at 4.6700 per dollar at 7:26 p.m. in Istanbul.
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