403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
Turkish Central Bank interferes in Forex for 5th time in December
(MENAFN) On Friday, Turkey's Central Bank made an interference in foreign currencies markets for the fifth time in December, quoting "unhealthy price formations."
The interference happened as the national currency, the Turkish lira, increased nearly a record of 17 liras against the US dollar.
After the bank's declaration, the Turkish lira increased in value against the dollar, surging from 17.1420 to hit 16.5645. Past interferences by the bank equaled nearly USD4 billion.
On Thursday, the bank reduced its standard one-week repo rate by 100 basis points from 15 percent to 14 percent, in alignment with market predictions. With the most recent reduction, the monetary authority has cut the vital rate by 500 basis points since September.
The interference happened as the national currency, the Turkish lira, increased nearly a record of 17 liras against the US dollar.
After the bank's declaration, the Turkish lira increased in value against the dollar, surging from 17.1420 to hit 16.5645. Past interferences by the bank equaled nearly USD4 billion.
On Thursday, the bank reduced its standard one-week repo rate by 100 basis points from 15 percent to 14 percent, in alignment with market predictions. With the most recent reduction, the monetary authority has cut the vital rate by 500 basis points since September.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
More Story
Comments
No comment