The Turkish lira gained slightly on Friday as the central bank tightened liquidity again in its battle to support the currency, while bond yields steadied ahead of debt auctions next week. By 0824 GMT, the lira had strengthened to 1.7941 to the dollar from 1.7956 late on Thursday. Against its euro-dollar basket the lira firmed to 2.0786, from 2.0806. Despite tighter and costlier liquidity over the past week, bond yields remained virtually unchanged while shares were rangebound. The central bank held another expensive intraday repo auction on Friday, its third this week, in place of the usual one-week repo auctions at a cheap fixed rate of 5.75 per cent. In intraday repo auctions, banks borrow from the central bank at a much higher rate, typically above 10 per cent. On on Friday banks borrowed at 10.80 per cent in the auction. The central bank also announced it sharply cut its minimum one-week maturity daily repo funding between April 13-26 to just 1 billion lira, from a previous 6 billion lira, another sign of its willingness to tighten liquidity and shore up the lira. “The central bank’s liquidity tightening helps the lira, together with the euro’s strengthening,” said Tufan Comert, a strategist at Garanti Securities.
GMT 19:47 2018 Saturday ,06 January
Global stocks extend rally; London hits record peakGMT 19:22 2018 Wednesday ,03 January
Worldwide stocks start year on a highGMT 10:37 2018 Wednesday ,03 January
Asian markets build on gains, dollar faces further weaknessGMT 17:30 2017 Sunday ,31 December
London stocks end year on record highGMT 18:04 2017 Thursday ,28 December
Miners boost stocks in thin holiday tradingGMT 18:51 2017 Monday ,25 December
Oman’s share index falls on lack of buying supportGMT 08:49 2017 Sunday ,24 December
'Virtual gold' may glitter, but mining it can be really dirtyGMT 17:45 2017 Saturday ,23 December
Madrid stocks sink on Catalan woes; London hits record
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor