Turkish Lira Deposit Buying Auction

AVERAGE INTEREST RATE BECOMES 47.01 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 47.01 percent.
The maturity of the TL deposits is September 18, 2002 while the minimum interest rate became 46.75 percent and maximum interest rate became 47.25 percent in the auction.
Although the total bid had been 760 trillion TL, the bank bought 200 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.
The bank earlier announced that the maximum amount in each auction would be 200 trillion TL.