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People walk past a foreign exchange booth on January 28, 2014 in Istanbul. The central bank heads into a crisis meeting on raising rates to defend the lira, defying the government which says the economy is doing well. The lira and stock market rallied in morning trading ahead of a crisis meeting of the central bank later today and decision around midnight. AFP PHOTO/GURCAN OZTURK (Photo credit should read GURCAN OZTURK/AFP/Getty Images)
People walk past a foreign exchange booth on January 28, 2014 in Istanbul. The central bank heads into a crisis meeting on raising rates to defend the lira, defying the government which says the economy is doing well. The lira and stock market rallied in morning trading ahead of a crisis meeting of the central bank later today and decision around midnight. AFP PHOTO/GURCAN OZTURK (Photo credit should read GURCAN OZTURK/AFP/Getty Images)

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CNN's Pauline Chiou speaks to emerging markets economist Stefan Hofer about Turkey's interest rate increase.

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CNN's Pauline Chiou speaks to emerging markets economist Stefan Hofer about Turkey's interest rate increase.