Agence France-PresseJuly 8, 2013 08:34
The Turkish central bank ramped up its monetary conditions on Monday to shore up the local currency, the lira, after it slumped to a record low value against the dollar.
The bank announced that it was applying immediately a "strong" tightening of monetary conditions.
"A strong extra monetary tightening will start as of today," the bank's governor Erdem Basci said in a statement.
"It's essential that the extra monetary tightening is strong, effective and temporary," he said.