August 17, 2018 / 8:39 AM / a month ago

Turkish cenbank's average cost of funding to rise to 19.25 pct on Friday- bankers

ANKARA, Aug 17 (Reuters) - The Turkish central bank’s average cost of funding will rise to 19.25 percent on Friday, from 18.14 percent a day earlier, bankers told Reuters, after the bank did not open a repo auction for the second consecutive day.

The current weekly repo rate is at 17.75 percent but the central bank has decided not to fund the market at that rate due to unhealthy price formations and excessive fluctuations in the market amid a currency crisis that has seen the lira crash to a record low against the dollar.

Reporting by Nevzat Devranoglu; Writing by Tuvan Gumrukcu; Editing by Ece Toksabay

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