Bloomberg News

Turkish Lira Falls as Local Corporation Buys $300 Million

December 16, 2011

Dec. 16 (Bloomberg) -- The lira weakened as much as 0.3 percent after a local company bought at least $300 million today, two traders at Akbank TAS and ING Bank AS said.

The lira depreciated 0.2 percent to 1.8816 as of 5:25 p.m. in Istanbul, raising this week’s decline to 2.1 percent.

“A big local corporation bought around $300 million,” Burcin Metin, chief currency trader at ING Bank AS, said in e- mailed comments. Emir Baruh from Akbank TAS concurred and said the total purchase was between $300 million and $350 million.

Both traders declined to name the corporation buying dollars.

Turkey’s central bank sold $150 million today after offering to sell as much as $250 million for a second day. The bank in Ankara got $531 million of bids from banks, compared with $631 million yesterday when it sold $150 million for liras.

--Editors: Ash Kumar, Peter Branton

To contact the reporter on this story: Selcuk Gokoluk in Istanbul at sgokoluk@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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