Turk c.bank decision sparks money market turmoil

Turkey's central bank on Thursday shut off the taps of the emergency funding it has carried out over the last six trading days to ease a liquidity crunch sparked by fears of a banking sector crisis.

The news sent overnight money market rates rocketing to a year-high of 320% as bankers rushed for cash. The average of overnight money market and repo rates were around 160% this week.

The central bank said in a statement it would no longer hold extraordinary afternoon repo auctions, as it has done

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