Central Bank Intervenes In Foreign Exchange Market

ANKARA - Central Bank announced on Friday that it intervened in the foreign exchange market by purchasing foreign exchange to prevent the extreme fluctuation in foreign exchange rate.
Central Bank stated that the foreign exchange rate was determined by supply and demand conditions in markets within the scope of floating exchange rate system. Noting that it followed closely the fluctuation in foreign exchange rate, Central Bank stated that it could directly intervene in case of extreme fluctuation.
''Lastly the Bank intervened in the foreign exchange market on June 9, 2003 upon the extreme fluctuation in foreign exchange rates. Such extreme fluctuation is again observed in foreign exchange market and the Bank has intervened,'' it was noted.
The decrease in foreign exchange rate continued this morning with one U.S. dollar equal to 1,377,000 TL and one Euro equal to 1,544,000 TL in Istanbul free exchange market.
(Öª-AÖ) 18.07.2003