Turkish Central Bank To Fix Forex Auction Sale Amounts Daily

The Turkish Central Bank on Friday said that the amount of foreign exchange sold at auctions will be set on a daily basis depending on the conditions in the foreign exchange market.



In a statement, the central bank said that the policy will initiate as of Feb. 27. The decision was made due to increased exchange rate volatility, the statement said.



"The minimum amount for the auction on the following day will be announced by the Central Bank of Turkey at 5: 20 p.m. local time through Reuters CBTQ, Bloomberg CBT/ Foreign Exchange Auctions and The Anadolu Agency DV007 pages," the statement said.



"On days when deemed necessary due to excessive volatility, the amount sold in the foreign exchange auction will be increased up to 50 percent above the pre-announced minimum amount. The auction amount will be announced as usual at 4: 30 p.m. local time on the same pages."



The value of the dollar compared with the Turkish lira soared to its highest level on Friday -- with the dollar equivalent to 2.5159 Turkish liras -- at 3: 30 p.m. 



www.aa.com.tr/en - Ankara