Central banks in emerging markets take action

January 28, 2014 • World News

A man points forward as he passes in front of a board displaying going rates of U.S. dollars at a foreign exchange business in Buenos Aires, Argentina, Monday, Jan. 27, 2014. The Argentine government announced Friday it was relaxing restrictions on the purchase of U.S. dollars. The measure would start taking effect Monday, allowing Argentines to buy pesos for personal savings, reversing a 2012 restriction. (AP Photo/Natacha Pisarenko)

LONDON (AP) — Following a bout of market turmoil that’s weighed on their currencies, central banks in emerging economies are moving fast to contain the damage.

Late Tuesday, Turkey’s central bank raised its key interest rate to 12 percent from 7.75 percent to try to stave off inflation and support the national currency, which has fallen sharply in recent weeks.

The decision was taken at an emergency meeting the central bank called for after the currency, the lira, hit a record low.

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