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Turkish Central Bank Says to Fund at 5.75% If Lira Not Falling

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Nov. 1 (Bloomberg) -- Turkey’s central bank said it will provide funding to banks at the benchmark rate of 5.75 percent as long as there’s no sign of “extreme loss in value of the lira.”

The bank’s policy of varying the rate at which it provides bank funding has succeeded in raising overnight rates, the Ankara-based central bank said today in a presentation on its website. The tighter monetary conditions were needed to prevent deterioration in medium-term inflation expectations, it said.

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To contact the reporter on this story: Ali Berat Meric in Ankara at americ@bloomberg.net

To contact the editor responsible for this story: Steve Bryant at sbryant5@bloomberg.net

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