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Turkey raises overnight rate but holds key rate

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(Globalpost/GlobalPost)

The Turkish central bank raised its overnight rate by 0.75 percentage points to 7.25 percent, on Tuesday against a background of foreign currency intervention to support the lira.

But the bank held its key rate at 4.5 percent, the level to which it was reduced in May. The bank had hinted that it could tighten monetary policy to shore up the lira.

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http://www.globalpost.com/dispatch/news/afp/130723/turkey-raises-overnight-rate-holds-key-rate