Turkey: Central bank monitors money market fluctuations

By Muhammed Ali Gurtas

ANKARA

The recent foreign exchange rate fluctuations in Turkish market are being observed carefully, the Central Bank of the Republic of Turkey (CBRT) announced on Wednesday.

"The CBRT is closely monitoring the unhealthy price formations in the markets," the bank said in a statement, following the foreign currencies reached new highs against Turkish lira.

"Necessary steps will be taken, also considering the impact of these developments on the inflation outlook," the CBRT added.

On Wednesday, the U.S. dollar/Turkish lira rate climbed to nearly 4.50, while the average dollar/lira rate was 3.65 last year.

The euro/lira rate and the British pound/Turkish lira rates also saw their all-time high, reaching above 5.30 and 6.00, respectively.