"It seems highly likely that they´ll take action", said William Jackson, emerging markets economist at Capital Economics in London, saying the bank needed to raise rates by 200-300 basis points to provide some support to the lira.
The lira dropped to over 4.91 against USA dollar on Wednesday morning, down about 6 percent since Tuesday, before recovering some of its losses in the day, but still very prone to fluctuation.
The Turkish lira regained some of its value after the bank's monetary policy committee held an emergency meeting and announced it was raising the rate from 13.5 percent to 16.5 percent.
The lira reversed earlier losses of as much as 5.5 percent and was trading little changed at 4.6700 per dollar at 7:26 p.m.in Istanbul. The risk is that will increase the price of imports, making Turkish people effectively poorer. "The volatility in the exchange rate is not just about our country; it's a global problem".
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The sharp fall in the currency's value has come at a hugely sensitive time as Turkey heads to June 24 presidential and parliamentary elections where Erdogan is seeking a new mandate and a thumping parliamentary majority. The current account is the broadest measure of trade, covering not only the movement of goods and services but also investment flows.
"Turkey's economy grew 7.4 percent a year ago and is still maintaining a growth trend at this level".
The Turkish lira's collapse is in part due to the US Federal Reserve hiking interest rates, which has encouraged investors to place their money in the US, rather than other economies.
Because Turkey is particularly dependent on foreign capital, its markets are one of those to have suffered most.
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Turkish lira bounced back from historic low 4.90 to 4.55 against the US dollar after the Central Bank raised benchmark lending rate from 13,5% to 16,5% following an emergency meeting on Wednesday to prevent a full-scale currency crisis.
"The central bank has to act fast, there is a perception amongst investors and the public. that the government is leaving things to their own and is reluctant to intervene", said economic analyst Enver Erkan.
Deputy Prime Minister Bekir Bozdag on Wednesday cast the lira's drop as a foreign plot to harm Erdogan and affect the results of the polls.
He hurt the lira last week by saying he plans a greater say in monetary policy if he wins the elections, which markets saw as a slap in the face of the nominally independent central bank.
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