Central Bank of Turkey takes step to provide liquidity

Dunya Executive - - OVERVIEW -

The Central Bank of Turkey on Nov. 6 lowered the upper limit for ts forex ma ntenance fac l ty, a move that w ll prov de approx mately $1.4 b ll on n l qu d ty to Turkey’s f nanc al system. In a statement, the bank sa d the upper limit for ts forex ma ntenance fac l ty had been lowered to 55% from 60% and all tranches were also reduced by f ve po nts. Also, the red scount cred ts repayment (around $5 b ll on) for export and fore gn exchange earn ng serv ces, wh ch w ll be due by Feb. 1 of next year, can be made n TRY at 3.70 for USD, 4.8 for euros and 4.8 for GBP, prov ded they are pa d at matur ty, the bank also sa d. “In case the exchange rate on the date of cred t extens on s h gher than these rates, the exchange rate on the date of cred t extens on w ll be appl cable,” t added.

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