Business

Central banks in emerging markets take action

By Pan Pylas
Published January 28, 2014 11:53pm ET
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Central banks in emerging markets take action
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) | 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.

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