Turkey retains tight lira liquidity to boost value

By Fatih Erkan Dogan

ANKARA (AA) – Wednesday saw the Turkish central bank refrain from holding its one-week repo auction for the fifth time in a row.

The institution skipped the auction -- in which local banks borrow lira from the central bank -- for a fifth trading day as the bank acted to stem the sharp decline in the value of the Turkish lira against other currencies.

A repo auction has not been held since last Thursday. The bank signaled it would keep skipping the practice until volatility in foreign exchange rates calms down.