March 17, 2020 / 11:37 AM / 24 days ago

Turkish central bank opens gates to cheap lira liquidity

ISTANBUL, March 17 (Reuters) - Turkey’s central bank said on Tuesday it would provide lira liquidity with an interest rate 150 basis points lower than the benchmark one-week repo rate, through repo auctions with maturities up to 91 days.

The bank made the announcement after cutting its key one-week repo rate by 100 basis points to 9.75% at a special meeting of its Monetary Policy Committee to counter the impact of coronavirus.

The bank said it would also provide banks with as much liquidity as they need through intraday and standing overnight facilities.

It said that despite a recent slide in the lira, the sharp fall in international commodity prices will affect the inflation outlook favourably. (Reporting by Ali Kucukgocmen; Writing by Dominic Evans; Editing by Jonathan Spicer)

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