US dollar liquidity may increase

Bloomberg

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The Central Bank may reduce banks’ foreign exchange reserve requirements if liquidity tightens, Governor Durmuş Yılmaz said in Ankara yesterday.

The Turkish lira, or YTL, has lost a quarter of its value since the start of August as the global crisis prompted investors to sell Turkish assets and convert them into dollars. The Bank has since offered dollars for YTL in auctions and reduced the amount of foreign currency banks are required to hold as reserves to help ease dollar liquidity.