Author (Corporate) | BBC |
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Series Title | BBC News |
Series Details | 28.01.14 |
Publication Date | 28/01/2014 |
Content Type | News |
The Turkish central bank raised its overnight lending rate to 12% from 7.75% after an emergency meeting on the 28 January 2014. The move was said to have faced opposition from Prime Minister Tayyip Erdogan. Keen to maintain economic growth ahead of elections in the spring of 2014, Mr Erdogan had been a vociferous opponent of higher borrowing costs, railing against what he describes as an 'interest rate lobby' of speculators seeking to stifle growth and undermine the economy. Investors sought out the safe havens of German bonds and the Swiss franc on the 29 January 2014 after deep splits in Turkey over the interest rate increases meant only the briefest of respites from the escalating crisis in global emerging markets. |
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Source Link | Link to Main Source http://www.bbc.co.uk/news/business-25939187 |
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Countries / Regions | Turkey |