Turkish C. Bank moves to simplify monetary policy

ANKARA

The Central Bank of the Republic of Turkey (CBRT) on Thursday decided to start providing funding via quantity repo auctions with one-week maturity.

The move, which seeks to simplify the operational framework of monetary policy, will be operational from Nov. 20, Friday, the bank said in a statement.

The CBRT currently provides funding via traditional repo auctions with one-month maturity and late-liquidity-window facilities.

It also set its overnight lending interest rate at the policy rate of 15% on Nov. 20-26 to limit volatility that may occur in secondary market overnight interest rates and ensure a balanced distribution of liquidity among different days of the week.