Turkish central bank steps in to calm forex markets

turkey

The Central Bank of the Republic of Turkey (CBRT) yesterday implemented a programme of short-term additional monetary tightening (AMT), including auctioning $200 million to Turkish banks, in order to combat volatility in Turkey's foreign exchange (forex) markets which it blames on "international and domestic developments during the last month."

AMT, the bank says, is mainly implemented through open market operations. "Liquidity provided to the market at the policy rate is reduced temporarily bel

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