Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Basci Says Turkey Needs Long-Term Finance in Local Currency

Updated on

Turkish authorities are working to support the development of long-term financing in the lira currency, central bank Governor Erdem Basci said.

Promoting a local corporate bond market is a priority, Basci said today in an interview with Bloomberg Television from Davos, Switzerland.

Turkey’s foreign currency reserves have declined by more than $18 billion from a peak of $94 billion in July last year as the bank sold dollars to stabilize the lira. The currency depreciated 18 percent against the dollar last year, the most among emerging market currencies tracked by Bloomberg.

The exposure of some Turkish companies to borrowing in foreign currencies means that the central bank can’t ignore the exchange rate, Basci said yesterday in Davos. As long as the economy is partly dollarized and companies depend on lending in foreign currencies, central banks need to have some role in managing the exchange rate, he said.

The bulk of the dollars the central bank has sold went to local companies and individuals, Basci said yesterday.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.