Overnight rate

Turkish banks have hiked their deposit rates and loan rates after the Central Bank, in a surprise move, increased the policy rate by 500 basis points to 50 percent last week. 

The average return on three-month lira deposits rose to 55.66 percent. The three-month deposit rate was around 28 percent almost a year ago.

A jump in Euro OverNight Index Average (EONIA) prices, a key overnight benchmark rate used by European banks to lend money to each other, was caused by the National Bank of Greece's lending money to fellow Greek banks, a Bloomberg report suggested on Monday.

US Federal Reserve has moved to its first interest rates increase since 2006.

The move takes the range of rates banks offer to lend to each other overnight – the Federal Funds rate – to between 0.25% and 0.5%, as BBC reports.