Business

Central banks in emerging markets take action

A man checked a stock board outside a brokerage in Tokyo on Tuesday. The world’s markets are feeling uncertainty.
A man checked a stock board outside a brokerage in Tokyo on Tuesday. The world’s markets are feeling uncertainty.Credit: Toru Hanai/Reuters

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LONDON — 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.

The People’s Bank of China on Tuesday injected more money into the country’s financial markets to ease strained credit conditions. India’s central bank unexpectedly raised interest rates to prop up its ailing currency.

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