Istanbul, July 24 () – Central Bank of Turkey lowered dolar deposit rate sy 0.5 percentage point to stabilise the currency's surge on airstrikes targeting ISIL in Syria, and speculations regarding a high possibility of a November election amongst political figures in Turkey.
"Due to recent global and local developments, USD deposit rate at one week maturity has been reduced from 3.5 percent to 3 percent" Central Bank said in a statement..The dollar fell back to 2.74 lira level, from 2.7490 lira aftre the Central Bank's move.
"The new rate will be effective from July 27, 2015. At this rate banking sector will be able to borrow from the Central Bank at one week maturity. When deemed necessary, without any need for a press release these rates for the USD and EUR will be adjusted in either direction at 9:30 a.m. on business days, and will be valid for the same business day" it added.