The lira pares losses after C.bank halts fx auctions
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Jul 25, 2011 - 12:00 am GMT+3
by Jul 25, 2011 12:00 am
Turkey's lira pared some of its losses on Monday after the central bank immediately halted its daily foreign-exchange buying auctions and cut required reserve ratios on foreign-exchange deposits of maturities of one-year and longer.
By 0850 GMT the lira traded at 1.7110 to the dollar, still much weaker than its close on Friday of 1.6810 but gaining a little from levels of 1.7240, prior to the central bank's announcements.
Shares which had lost as much as 2 percent in early trade turned positive after the bank's action to prop the lira.
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