(Bloomberg) -Turkish central bank officials held a “technical meeting” with commercial lenders to prepare for potential market volatility after major opposition politicians were officially arrested on Sunday.
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According to a statement by the Turkish Banks Association, the meeting discussed the “latest development of the market.”
Bloomberg reported that early Sunday, a central bank official discussed possible adjustments with the bank and recently recent recent sales in the Turkish market.
This meeting is one of the first high -level meetings between the national lending agencies and the financial authority since Ekrem Imamoglu, the famous market of Istanbul, was detained earlier this week. Lira, Turkish stocks and debts have since then recorded some of the biggest decline in the world, ignoring the dangers of potential reversal in Türkiye’s economic policy.
Mehmet Simsek Treasury Minister Mehmet Simsek met with a bank on Friday and said that policymakers will use all tools according to their disposal to ease “temporary” volatility in the market.
Imamoglu, considered president of RECEP TAYYIP ERDOGAN, was in jail on Sunday for corruption. The court heard the charges of him and opposed the separate official arrest for terrorism.
The central bank has already strengthened LIRA’s defense mechanism last week to keep its financial conditions tightly. It raised the overnight loan rate to 200 Basis Points by 46%to increase the average funding for commercial lenders. During the unspecified period, the loan was stopped at a low benchmark rate of 42.5%.
In addition, the bank also said that it will hold a liquidity bill auction for the first time in almost 20 years, with the auction of excessive lira.
According to the movement, Lira Overnight Night Reference Rate, the gauge of the cost of financing overnight, has risen to 45.7%by more than 3%.
(The update was a meeting, and the bank’s statement confirmed the scoop of Bloomberg in the second paragraph.)
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