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Turkish Central Bank suspends forex selling auctions- statement

Thu, 30 Oct 2008 11:19:00
Turkish Central Bank suspends forex selling auctions- statement

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Article by:
Hurriyet English
The auctions can be resumed if it is required," the statement said adding that it has sold a total amount of $100 million since the auctions started on Oct. 24.



The Turkish Central Bank had decided to hold foreign currency selling auctions to prevent the recent problems in the international credit markets from affecting the orderly flow of liquidity in the country’s financial markets.



The central bank move had come after the Turkish lira lost more than 30 percent of its value in a month amid global financial turmoil.



The amount for the daily auctions was determined as $50 million.




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