Central Bank of Turkey quadruples amount of forex on offer in daily auctions
Lira's ‘heightened volatility' follows bank's decision yesterday to hold interest rates steady
The Central Bank of the Republic of Turkey (CBRT) will quadruple the minimum amount of foreign exchange it auctions each day to $40 million, after its decision to hold interest rates yesterday sent the lira to its lowest level since January.
The CBRT said today it will increase the amount of daily forex auctions from $10 million to $40 million from September 29, citing the lira's "heightened volatility". A dollar currently buys 2.26 lira, compared to 2.03 on July 22.
The bank has reduced forex
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