Turkey's central bank steps up intervention measures
- Cuts required reserves ratios for non-core FX liabilities by 400 bps
- Now allows the use of euros to be used for maintenance against lira reserves under the reserve options mechanism
- With these changes, some TRY 10 billion, USD 6 billion, and gold liquidity equivalent of USD 3 billion will be provided to the financial system
Additional measures being announced and these ones are more significant compared to the money market changes announced earlier. USD/TRY has now fallen to 6.55 as a result of the announcement here.
Poof, blink and you miss it. USD/TRY now down to 6.48. Almost paring all losses on the day currently.
