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    Turkish FX depot limits to rise 100%, dollar selling tenders to resume

    HotNewsTurkey Staff
    23.10.2008 - 10:59 | Son Güncelleme:

    The borrowing limit on the foreign exchange depot is to be increased 100 percent, and U.S. dollar tenders are to resume, Durmus Yilmaz, governor of the Turkish Central Bank said on Thursday. (UPDATED)

    The Turkish Central Bank recently resumed the foreign exchange depot market, in which it is the financial intermediary and regulator, in order to maintain confidence in the system and sustain foreign currency liquidity. The depot market was closed in December 2002. 

    The bank had said the minimum volume of transactions would be $1 million or 1 million euros with due dates between one week and one month.

    There is no problem in foreign currency liquidity and there is sufficient currency, Yilmaz said.

    The central bank is monitoring the development in the currency market very carefully, Yilmaz told reporters ahead of announcing the decision, the Anatolian Agency reported.


    "Our banks are going to relax on this issue," he added.


    Yilmaz also said they were not considering raising the guarantee limits on deposit, when asked if there was such a preparation was being made.


    Economists and analysts have been warning the Turkish government to take measures against the global financial crisis. The government has been reluctant to implement tough measures ahead of the local elections in March 2009.




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