Turkish Lira Deposit Buying Auction

AVERAGE INTEREST RATE BECOMES 24.18 PERCENT

ANKARA - The average interest rate in Friday's four-week maturity Turkish lira (TL) deposit buying auction conducted by the Central Bank at the Interbank Money Market became 24.18 percent.
The maximum interest rate became 24.35 percent and minimum interest rate became 24.00 percent in the auction.
Although the total bid had been 520 trillion TL, the bank bought 160 trillion TL.
The Central Bank has been holding TL deposit buying auctions since April of 2002 to sterilize extra TL liquidity, which is created in the system by foreign exchange auctions, through money market instruments and increase efficiency of transactions.
(MS-AÖ) 06.02.2004