Turkey's lira weakens to 2.10 against euro/dollar basket
Aug 05, 2011 - 12:00 am GMT+3
by Aug 05, 2011 12:00 am
Turkey's lira weakened to 2.10 against a euro/dollar basket on Thursday after a wave of policy measures by the Turkish Central Bank, including a cut to its key policy rate.
The lira also weakened to 1.7333 to the dollar .
The central bank stunned markets by cutting its policy rate, the one-week repo rate, to an all-time low of 5.75 percent. The bank also raised its overnight borrowing rate, lifting it to 5 percent from 1.5 percent, while the overnight lending rate stayed at 9 percent.