Turkish c.bank steps in as Lira weakening

Erdem Basci said he would announce “a five-step action plan” on Wednesday which he said would “strengthen lira significantly.”

Turkish Central Bank governor on Monday said the bank was set to announce a package of measures to ward off further devaluation of the Turkish currency against US. dollar.

Erdem Basci said he would announce “a five-step action plan” on Wednesday which he said would “strengthen lira significantly.”

Basci said the package would include measures regarding price stability, policy rates, foreign currency reserve policy, required reserve ratios and financial stability.

24 October 2011 Monday