Media playback is unsupported on your device

Emerging markets currency crisis - in 60 seconds

29 January 2014 Last updated at 11:49 GMT

The Turkish central bank has raised its overnight lending rate to 12% from 7.75% after an emergency meeting.

It also increased the overnight borrowing rate to 8% from 3.5%, in a move intended to help stabilise the value of the lira.

There has been ongoing turmoil across emerging markets, as Sally Bundock explains.

Copyright © 2015 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.