Asian stocks rise as Turkish central bank hikes rates

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Source: Reuters
The majority of Asian shares increased on Wednesday trading session after the Turkish national bank hiked its benchmark interest rates by 445 basis points to a level of 12% and as India's central bank decided to tighten its monetary policy few days ago too. The MSCI Asia- Pacific gauge outside Japan advanced 1.2% following a three-day slump.

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Wed, 29 Jan 2014 09:04:03 GMT

Turkish central bank raises rates in dramatic fashion

Turkey's national bank decided to increase all of its benchmark interest rates at an emergency policy meeting yesterday despite an opposition of the Prime Minister Tayyip Erdogan defending the country's weak currency. The Turkish central bank raised lending rate in dramatic fashion from 7.75% to a level of 12%, while the one-week repo rate was increased from 4.5% to 10%.

Tue, 28 Jan 2014 17:21:06 GMT

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