May 24, 2018 / 2:20 PM / a year ago

Turkey's central bank says maximum NDF sale position increased to $8 bln

ISTANBUL, May 24 (Reuters) - Turkish central bank increased the maximum total amount of forward foreign exchange (NDF) sale positions to $8 billion from $6.15 billion in the second quarter of 2018, the bank said on Thursday, in a fresh move to support an ailing lira.

The upper limit for the total amount of forward foreign exchange sale position was determined to be $10 billion until the end of this year, it said.

The central bank raised its top interest rate to 16.5 percent at an extraordinary meeting on Wednesday in a bid to break a relentless, weeks-long fall in the currency. The lira had depreciated as much as 23 percent so far this year before the bank’s move. (Reporting by Ezgi Erkoyun Writing by Ali Kucukgocmen Editing by Ece Toksabay)

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