March 22, 2019 / 1:08 PM / 4 months ago

After lira selloff, Turkish cenbank says policy is to strengthen reserves

ISTANBUL, March 25 (Reuters) - Turkish central bank governor Murat Cetinkaya said on Monday its main policy is to keep reserves strong and make them stronger, in the latest official response to a steep lira selloff Friday that marked the currency’s worst performance since August.

In another policy adjustment Monday meant to tighten money supply, the central bank did not open a daily foreign exchange depo auction, a step it last took in August as the currency crisis took hold and eventually tipped Turkey’s economy into recession.

“Following reserve developments with medium-term trends opens way to healthier analysis. Our main policy is to keep our reserves strong and strengthen them,” Cetinkaya was quoted as saying by the state-owned Anadolu new agency.

Separately, broadcaster Bloomberg HT reported that the central bank had increased the total swap sale limit to 20 percent from 10 percent for swap transactions which have not matured. (Reporting by Ezgi Erkoyun; Writing by Ali Kucukgocmen; Editing by Jonathan Spicer)

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