ANKARA
The Turkish Lira/U.S. dollar rate in the interbank market rose to 2.2794 on Monday towards noon, reaching the highest value seen since January 30.
Similar levels were seen immediately after the Central Bank of Turkey intervened in the markets and introduced sharp interest rate hikes to prevent a slide in the Turkish Lira on January 29.
The U.S. dollar buying rate stood at 2.2790 Turkish Lira at 11:35 am (09:35 GMT) on Monday and the selling rate was 2.2797 lira.
The selling rate of the U.S. dollar in the previous trading day was 2.2650 lira and the euro rate was 2.8730 lira.
On September 26, Turkey’s Central Bank announced it would increase the daily foreign exchange auction amount on Monday to $40 million from a minimum of $10 million.
“Due to heightened volatility observed in exchange rates, the daily foreign exchange selling auction amount will be increased,” the bank said.
The central bank also left interest rates on hold in its last monetary policy committee amid anticipation of earlier-than-expected U.S. interest rate hikes and recent adverse economic figures in Turkey, maintaining its tight monetary policy to hold the value of the Turkish lira in check.
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