Turkish Central Bank Takes Measures: Lira Weakens to 2.10 Against Euro/dollar Basket

Turkish Central Bank was expected to take some measures against a warming up economy in the country. The Bank started in quite a sharp manner with a cut to its key policy rate.

Turkey’s lira weakened to 2.10 against a euro/dollar basket on Thursday after a wave of policy measures by the Turkish Central Bank, including a cut to its key policy rate.

The lira also weakened to 1.7333 to the dollar .

The central bank stunned markets by cutting its policy rate, the one-week repo rate, to an all-time low of 5.75 percent.

The bank also raised its overnight borrowing rate, lifting it to 5 percent from 1.5 percent, while the overnight 

05 August 2011

SOURCE: SABAH ENGLISH