Turkish Central Bank has decided to raise the size of daily purchase of foreign currency it will make from the market.

In a statement on Monday, the bank said that daily purchase size would be increased to 80 million USD (40 million a day plus an option for 40 million additional purchase) from 60 million through auctions, beginning on Tuesday, in a move to give boost to reserves.

The bank's earlier strategy was 30+30 million a day. Turkish Central Bank purchased a total of 11.1 billion USD since August 2009, the date when the bank restarted purchasing foreign currency from the market.

Central Bank statement said that the period when foreign currency supply is more than demand is a chance to build up reserves, adding that nearly 14.5 billion USD could be purchased from the market in the next 12 months.

AA