Turkey's central bank on Tuesday hiked its overnight lending rate by 75 basis points after sharp falls in the lira but left its main policy rate on hold, moves that may not be sharp enough to draw a line under concern about its independence.
The bank raised its overnight lending rate to 9.25 percent from 8.5 percent. All but one of 18 economists in a Reuters poll had forecast a hike in the overnight lending rate, which is the upper band of the bank's interest rate corridor.
It left its benchmark one-week repo rate at 8 percent. Half of the economists had forecast a hike of 50 basis points.