The central bank is funding at its benchmark rate of 24 per cent amid tensions over an election result in Istanbul, the Financial Times reported citing a person familiar with the matter.

The Turkish lira was down more than one per cent after the reversal, weakening to 5.7120 against the dollar.

In March the central back stopped providing funding through its 24 per cent benchmark due to currency volatility in the lead up to local elections, forcing banks to obtain funding at a rate of 25.5 per cent.

Read More.. Source City A.M.

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