Lira strengthens as Turkey cuts reserve ratio

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The Central Bank of Turkey has stepped up efforts to strengthen the value of the Turkish lira, after it cut the rate it charges banks to hold reserves at the central bank.

On Thursday, the Central Bank of Turkey announced it would reduce its average required reserve ratio from 12.6% to 10.5%. The central bank said the changes, which will come into effect from November 11, will supply up to 11 billion lire ($6.3 billion) of liquidity to the market. The lira gained 0.4% against the dollar

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