The Central Bank of the Republic of Turkey (CBRT) has announced that it was doubling banks borrowing limits for overnight transactions from levels which applied before 13 August, when it said it would provide all liquidity the banks needed.
In a statement, the central bank said that in the light of recent evaluations it has decided that, with effective from 29 August 2018, the banks’ borrowing limits for overnight transactions at the Interbank Money Market established within the CBRT would be twice the limits applicable before 13 August 2018.
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The announcement was met with continued decline by the lira due to uncertainty about any progress regarding the spat with the US.
The currency has lost about 40 per cent of its value against the dollar this year.
By Kudakwashe
