Turkish Lira Deposit Buying Auction

AVERAGE INTEREST RATE BECOMES 33.21 PERCENT

ANKARA - The average interest rate in Wednesday's Turkish lira (TL) deposit buying auction held by the Central Bank in the Interbank Money Market became 33.21 percent.
The minimum interest rate became 32.75 percent and maximum interest rate became 33.25 percent in the auction.
Although the total bid had been 714 trillion TL, the bank bought 100 trillion TL.
The Central Bank has been conducting Turkish lira deposit buying auctions with a standard four-week maturity that was initiated in April 2002 as a supplement to its existing instruments with the aim of enhancing the effectiveness of its efforts to sterilize the excess TL liquidity in the system.
The bank earlier announced that it would hold TL deposit buying auctions on Wednesdays and Fridays each week, and the maximum amount at each auction would be limited to 100 trillion TL.
(MS-AY) 13.08.2003