The Central Bank of Turkey said on December 8 that due to heightened volatility observed in the exchange rates, the daily foreign exchange selling auction amount would be increased from minimum $20mn to minimum $40mn from December 9 onwards.
Not long ago, it was only last week the Central Bank reduced the forex auction amount to $20mn, citing the expected improvements in the balance of payments. US dollar gained against currencies, including TRY, after U.S job data raised expectations that the FED is closer to raising interest rates. Weak Turkish industrial output also contributed to the depreciation of TRY which fell to its weakest since mid-October against the dollar.
Turkey will not extradite any terror suspects to the US if Washington continues to refuse to hand over Fethullah Gulen, President Recep Tayyip Erdogan said on January 11. Ankara blames the ... more
The Turkish central bank reported on December 7 that its gross forex reserves last week experienced a record drop, declining to $89.85bn on December 1 from $96.35bn a week earlier. ... more
EU governments have agreed with the European Parliament to withdraw €105mn that would have gone to help finance political ... more