Turkish central bank takes action over falling currency
Rate rises are very likely, and Turkish president’s actions are key, says observer
Turkey’s central bank took cautious action on November 21 over the country’s rapidly rising inflation rate and depreciating currency.
The Central Bank of the Republic of Turkey cut to zero commercial banks’ borrowing limits for overnight transactions on its “interbank money market” facility, it announced. It also increased commercial banks’ limits for its intraday liquidity facility to twice the size of their intraday borrowing limits. Both measures are effective as of today (November 22).
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