A first from the Central Bank in 17 years
The Central Bank of the Republic of Turkey (TCMB) has opened a Turkish Lira deposit purchase tender for the first time since 2006.
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The Central Bank of the Republic of Turkey (TCMB) has announced that it will hold Turkish Lira (TL) deposit purchase tenders in order to increase the diversity of the sterilization tools used.
The announcement came after the TCMB Monetary Policy Committee raised the one-week repo auction rate, which is the policy rate, by 250 basis points to 42.50 percent.
The announcement stated, "Article 52 of the Law on the Central Bank of the Republic of Turkey stipulates that open market operations may be conducted to effectively regulate money supply and liquidity within the framework of monetary policy objectives. In this context, TL deposit purchase tenders will be held to strengthen the monetary transmission mechanism and increase the diversity of the sterilization tools used."