Breaking News... New move from the Central Bank for the foreign exchange market

The Central Bank of the Republic of Turkey (TCMB) has announced that new regulations have been implemented in light of developments in the financial markets. The institution's announcement emphasized that a new practice will be launched to prevent fluctuations in exchange rates and to balance foreign exchange liquidity in the market.

In a statement made by TCMB officials, it was reported that the bank will henceforth begin Turkish lira-settled forward foreign exchange sale transactions.

The announcement stated, "Taking into account the developments in the financial markets, it has been decided to suspend 1-week repo auctions for a period of time. In order to support the healthy functioning of the foreign exchange market and to control potential volatility in the exchange rate, Turkish lira-settled forward foreign exchange sale transactions will be initiated."

It is noted that these steps are temporary measures aimed at maintaining stability in the markets. Experts assess that with this move, the TCMB aims to support the value of the TL in the market and manage the demand for foreign currency. During this process, markets continue to closely monitor any additional moves by the Central Bank.

News Source: 12punto