Turkish Central Bank takes liquidity steps as lira hits record lows

ISTANBUL

The Central Bank introduced additional liquidity measures to shore up the Turkish Lira on May 9 after the currency slid to a record low against the dollar.

The Bank raised its foreign exchange deposits auction volume to $1.5 billion from $1.25 billion saying the maximum outstanding deposit amount in auctions may reach up to $7.5 billion.

The sale position of forward foreign exchange auctions may increase to $7.1 billion from $5.3 billion.

The value of the lira had plunged to record lows, dropping to below 4.35 against the dollar earlier on May 9, amid rising global geopolitical risks after United States President Donald Trump decided to pull his country out of the international nuclear deal with Iran on May 8.