Central bank tries to protect lira after opposition figure’s arrest triggers fall in currency
The Central Bank of the Republic of Turkey
During an emergency meeting on March 20, the Central Bank of the Republic of Turkey (CBRT) raised its overnight lending rate by 200 basis points to 46% as it attempted to stem a fall in the value of the lira.
The CBRT left its policy rate, the one-week repurchase auction rate, and the overnight borrowing rate unchanged at 42.5% and 41% respectively. The central bank also decided to suspend one-week repo auctions for an unspecified period in order to manage liquidity in the trading of lira.
The
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
Most read articles loading…
Back to Top
#Turkey #raises #overnight #lending #rate #emergency #move