Turkey's Central Bank calls meeting on Turkish Lira drop

Turkey's Central Bank has called for an interim meeting to discuss the sudden side of the Turkish lira against the US dollar this month.

Turkey's Central Bank calls meeting on Turkish Lira drop

World Bulletin / News Desk

Turkey's Central Bank has called an interim meeting with its Monetary Policy Committee on Tuesday, following a sharp decline in the Turkish lira against the US dollar and the euro.

The bank said in a written statement that it would, 'discuss recent developments and take the necessary policy measures for price stability' at the meeting.

The statement said that the decision on the meeting would be announced with a press release to follow.

The US dollar hit a historic high against the Turkish Lira in mid-January, prompting an intervention fromTurkey's Central Bank. 

The bank announced it would intervene in the foreign exchange market for the first time in two years by selling dollars.

Turkey´s treasury borrows $2.39 bln in two bond auctions
 
Turkey´s treasury has borrowed 5.61 billion Turkish Lira ($2.39 billion) in a five year fixed rate bond with a semi-annual interest rate of 4.40% and the maturity date set for November 14, 2018 and a 10-year CPI indexed bond with a 14% semiannual interest rate and the maturity set for August 11, 2023.

According to data on the Turkish Central Bank´s website, the treasury sold the five-year fixed bond at 10.95% simple interest and at 11.25% compound interest.

The 10-year CPI indexed bond was sold at 3.59% simple interest and 3.73% compound interest.

The Turkish Treasury will hold two more bond auctions tomorrow.

On Tuesday, 24-month fixed rate bonds with a semiannual, 4.15% coupon rate will be sold with the maturity date scheduled for July 10, 2015.

A 10-year fixed rate bond with a semiannual, 4.40% coupon rate will be sold with the maturity set for September 27, 2023.

Turkish banks' loan volume down to $467.6 billion
 
The volume of loans from the Turkish banking sector decreased to $467.6 billion in one week as of January 17, sector's regulatory authority announced on Monday.

On January 10, the credit volume was $476.4 billion, the Banking Regulation and Supervision Agency of Turkey (BDDK) said.

According to the weekly bulletin of the BDDK, overall credits excluding the financial sector totaled $427.5 billion.

Consumer loans decreased by 0.06 percent in a week to $108.8 billion.

The volume of loans by the Turkish banking sector actually increased in terms of Turkish lira, but due to the exchange rate fluctuation, it shows the volume down in dollar terms.

Last Mod: 28 Ocak 2014, 14:32
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