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    Turkish Central Bank suspends forex selling auctions- statement

    HotNewsTurkey Staff
    30.10.2008 - 09:45 | Son Güncelleme:

    The Turkish Central Bank suspended foreign exchange selling auctions saying the concerns in the forex markets eased due to positive developments in the global markets, the bank said in a statement on Thursday. (UPDATED)

    "The auctions can be resumed if required," the statement said adding that it has sold a total of $100 million since the auctions started on Oct. 24.

     

    The Turkish Central Bank had decided to hold foreign currency selling auctions to prevent the recent problems in the international credit markets from affecting the orderly flow of liquidity in the country’s financial markets.  

     

    The central bank move had come after the Turkish lira lost more than 30 percent of its value in a month amid global financial turmoil.

     

    The amount for the daily auctions was determined as $50 million. 

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