Arab Today, arab today turkish central bank moves to bolster lira amid clashes
Last Updated : GMT 18:30:25
Arab Today, arab today
Arab Today, arab today

Turkish Central Bank moves to bolster lira amid clashes

Arab Today, arab today

Arab Today, arab today Turkish Central Bank moves to bolster lira amid clashes

Ankara - MENA

Turkish Central Bank organized fourth $50 million intra-day auction in a bid to stabilize the Turkish currency by raising the value of the lira against the dollar right after announcing its decision to embark on additional short-term fiscal tightening measures, Hurriyet said. Turkey\'s central bank intervened to bolster the lira today and the government said faster economic growth was in store, but the cost of insuring Turkish debt rose as markets took fright at fresh clashes between police and protesters in Istanbul. Two weeks of protests against plans to redevelop an Istanbul park have spiralled into violent anti-government demonstrations across the country. That has fuelled losses in Turkish assets, which are also under pressure along with other emerging markets on uncertainty over the outlook for U.S. Federal Reserve policy. Citing \"international and domestic developments during the last month\", the central bank said it planned short-term extra policy-tightening steps through open market operations. It began a $50 million forex-selling auction today, and will continue to hold such sales when it sees them as necessary. It said it would also intervene directly in the forex market if needed. The lira firmed after the announcement, having slumped to its weakest level against a euro/dollar basket since October 2011 in early trade. At 0920 GMT, the lira stood at 2.2075 against the basket, having weakened to 2.2. But the cost of insuring Turkish debt against default rose to a 10-month high of 181 basis points, according to Markit data. Benchmark two-year government bond yields also climbed, rising to 6.62 percent from 6.50 percent yesterday. Shares were 0.8 percent up on the day. \"Excessive volatility has been observed in the foreign exchange market due to international and domestic developments during the last month,\" the bank said in a statement. Riot police fired water cannon and teargas at protesters who threw stones and fireworks in Istanbul\'s Taksim Squareon Tuesday, as the police entered the square for the first time since the start of June. Prime Minister Tayyip Erdogan called on protesters to withdraw from Gezi Park next to the square. He said the wave of anti-government demonstrations were part of a deliberate attempt to damage Turkey?s image and economy.

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