Lira Weakens First Day in Eight as Central Bank Raises Funding
October 31, 2011, 11:55 AM EDT
By Selcuk Gokoluk
Oct. 31 (Bloomberg) -- The Turkish lira weakened for the first day in eight, snapping its longest streak of appreciations in fifteen months, after the central bank provided record high funding to banks at policy rates.
The lira declined 1 percent to 1.7630 per dollar at 5:14 a.m. in Istanbul, paring this month’s advance to 5.6 percent. Yields on two-year benchmark debt fell 2 basis points, or 0.02 percentage points, to 9.74 percent, falling for a third day, a Turk Ekonomi Bankasi index of the securities showed.
More:Lira Weakens First Day in Eight as Central Bank Raises Funding - Businessweek