Bloomberg News

Turkish Central Bank Sells $350 Million, Gets Record Bids

October 06, 2011

(Updates with details in second paragraph, lira in fourth.)

Oct. 6 (Bloomberg) -- Turkey’s central bank sold $350 million for liras in an auction, selling about a quarter of the $1.35 billion it said it may offer.

The central bank in Ankara got $2.04 billion of bids in the auction, the most since the daily auctions began on Aug. 5, according to data published on the bank’s website today.

Governor Erdem Basci sold $750 million yesterday, a record amount for such a sale, as it sought to defend the currency after it fell to a record low of 1.9096 on Aug. 4.

The lira pared earlier gains, rising 1.1 percent to 1.8478 per dollar at 2:25 p.m. in Istanbul.

Today’s sale equals the amount sold on Sept. 20., the day after the lira declined to 1.8 per dollar

--Editor: Mark Bentley

To contact the reporter on this story: Aydan Eksin in Istanbul at aeksin@bloomberg.net

To contact the editor responsible for this story: Mark Bentley at mbentley3@bloomberg.net


Too Cool for Crisis Management
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus