On March 20, the lira drop had prompted the central bank to make a 200-basis-point emergency hike that brought its overnight lending rate to 46.00%, the top of its interest rate corridor.

Turkey’s central bank surprised markets on Thursday when it raised its key interest rate, the one-week repurchase rate, from 42.5% to 46%, ending the easing cycle it began in December of last year.

Turkey's central bank surprised markets on Thursday when it raised its key interest rate, the one-week repurchase rate, from 42.5% to 46%, ending the easing cycle it began in December of last year ...