TURKISH LIRA: Turkey's Central Bank aggressively pushed up key interest rates Tuesday, in an effort to cool concerns about

the falling value of its currency. South Africa pushed up rates more modestly Wednesday for the same reason. During an unscheduled meeting, the central bank hiked the interest rate on overnight loans from 7.75% to 12% and the rate on its overnight borrowings from 3.5% to 8%. The value of the Turkish lira has been sliding next to other major currencies, including the U.S. dollar. Since December 2012, the value of a lira has fallen from $0.4644 to $0.43, says Oanda.com. The move by Turkey's central bank is a big one to help the nation stem the falling value of its currency, says Jack Ablin of BMO Private Bank. Higher rates lures investors into liradenominated investments, effectively driving up the value of the currency. South Africa pushed up its benchmark lending rate to 5.5% from 5% Wednesday, the first increase since 2008. Investors, too, have nervously watched developments in emerging nations for signs they might spark a selloff in U.S. markets. "Turkey is suffering slowing growth and higher inflation," Ablin says. "That's not a great recipe for financial markets over there." Emerging markets have benefited from low U.S. interest rates, which, in turn, have been kept low by the Federal Reserve's bond-buying program, called quantitative easing. As U.S. rates have fallen, emerging markets have been able to lower their rates as well, boosting their economy and encouraging borrowing in those nations. Worries about slowdowns in the emerging markets has hurt the value of their currencies: As investors flee emerging markets for the safety of Treasuries, the value of emerging markets currencies falls, too. To shore up their currencies, emerging markets must hike rates -- and that threatens growth.