January 13, 2017•Update: January 14, 2017
By Muhammed Ali Gurtas
ANKARA
Turkish central bank cut the borrowing limits of banks in the Interbank Money Market, according to an official statement on Friday.
The borrowing limits have been reduced to a total of 11 billion Turkish liras (approx. $2.9 billion), to be effective from Jan. 16.
The central bank said that it may also limit the funding made by the central bank in the repo markets within the Borsa Istanbul, the country's stock exchange market, when it is needed.
The bank's action has come in response to the ongoing exchange rate fluctuations to support the value of lira, the country's local currency.
