Turk banks scramble for cash, rates over 4,000 pct

Turkish overnight repo and money rates soared to unprecedented levels on Feb 21, 2001 as the market scrambled for cash in the midst of a deepening financial crisis sparked by a political row. Overnight repurchase rates hit an average of 4,405.92 percent and overnight money rates an average of 3,680.8 percent, compared to averages of 1,107 percent and 2,056 percent respectively on Feb 20.

The Istanbul bourse, which also runs money market trade, said it was further extending trading hours to all

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