Turkey Bank Moves to Stem Lira Losses, Cancels Dollar Buying
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Turkey’s central bank moved to stem a slump in the lira, suspending daily purchases of dollars and cutting the cost of long-term deposits in foreign exchange. The lira pared earlier losses.
The central bank in Ankara ended daily purchases of $30 million, according to an e-mailed statement today. It also reduced the reserve requirement for banks on foreign currency deposits of more than a year by as much as 2 percentage points to 9 percent.