Arab Today, arab today turkish lira firms slightly on cb support
Last Updated : GMT 15:56:52
Arab Today, arab today
Arab Today, arab today

Turkish lira firms slightly on CB support

Arab Today, arab today

Arab Today, arab today Turkish lira firms slightly on CB support

Istanbul - Arabstoday

The Turkish lira firmed slightly as the central bank (CB) continued to provide costlier liquidity on Friday while falls in banking shares held back the main stock index as a flurry of bank stake sales weighed on sentiment. Turkish bonds were trading flat, mainly tracking the lira’s performance. The lira traded at 1.8435, stronger than 1.8455 late on Thursday. The currency hit its weakest since mid-January of 1.8563 on Wednesday due to a global sell-off of riskier assets. Against a euro-dollar basket the lira traded at 2.0818, firmer than 2.0833 on Thursday. “Central bank liquidity tightening has started to support the lira clearly as all the short-term funds, which were about $5 billion, have left Turkey. This means we now got through the worse and the lira tends to strengthen even if there are only tiny inflows into the market,” said Tufan Comert, strategist at Garanti Securities. “Besides, recent comments of the central bank stimulated expectations that the central bank may announce forex selling auctions. This is also supporting the lira,” Comert said.  Turkish Central Bank Governor Erdem Basci said on Wednesday the bank may increase the upper limit of lira reserves that banks may hold in forex at its next policy meeting on May 29. The limit currently stands at 40 per cent. The central bank has continued to provide expensive funds to the market on Friday by injecting 6 billion lira through an intraday repo auction at a rate of 10.83 per cent, far above its usual repo rate of 5.75 per cent. The central bank has been applying an unorthodox mix of policies, including daily liquidity management, high reserve requirement ratios and overnight interest rates to try to rein in inflation and a large current account deficit. The main stock index edged down 0.04 per cent to 54,894 points, in line with the MSCI emerging markets index. Shares in Akbank were down 4.48 per cent at 5.54 lira after Citigroup said it had sold a 10.1 per cent in Akbank at 5.24 lira per share. Shares of Denizbank, the Turkish unit of Franco-Belgian bank Dexia were 15.21 per cent lower at 15.05 lira after Denizbank said Dexia and Russian lender Sberbank agreed on exclusive talks on Denizbank’s sale. By / GulfToday

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today turkish lira firms slightly on cb support Arab Today, arab today turkish lira firms slightly on cb support

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today turkish lira firms slightly on cb support Arab Today, arab today turkish lira firms slightly on cb support

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday