ANKARA - Average price in foreign exchange buying auction conducted by the Central Bank on Friday became 1 million 500 thousand 898 Turkish liras (TL).
The total bid had been 85 million U.S. dollars while the minimum price was 1 million 500 thousand TL and maximum price was 1 million 502 thousand TL.
Before the auction, the bank announced the maximum bidding price as 1 million 505 thousand 232 TL.
The Central Bank said on May 5 that it decided to hold daily foreign exchange buying auctions as of May 6.
The bank said that the maximum amount at each auction would be limited to 20 million U.S. dollars.
In its previous press statements, the bank said that in the cases where there is an excess foreign exchange supply resulting from the reverse currency substitution process and the strong balance of payments position, it may resume foreign exchange buying auctions with the aim of enhancing its foreign exchange reserves, without conflicting with the floating exchange rate regime, and without disrupting the long-term trend and the natural equilibrium level of the exchange rate.
(MS-AÖ) 09.05.2003