Turkey's central bank has hiked all of its main interest rates in a desperate attempt to stem the fall of its local currency.
After an emergency meeting Tuesday, the country's overnight lending rate was raised to 12 percent from 7-point-seven-five percent and the overnight borrowing rate shot up to eight percent from three-and-a-half percent.
The Turkish lira immediately strengthened after the move, to 2-point-one-eight lira to the U.S. dollar.
The lira had hit a record low of two-point-three-nine on Monday.
The value of Turkey's currency had been crumbling as investors traded their lira for other foreign currencies amid the ongoing turmoil in emerging markets.

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