Turkish Central Bank halves open market liquidity limits

ANKARA

Liquidity limits offered to primary dealers as part of open market operations will be cut to half of their current limits, the Turkish Central Bank announced Friday.

The new limits will be effective as of next Monday Aug. 10, the bank said in a statement.

Tightening liquidity conditions with the move aims to back the Turkish lira after it recently lost ground to other currencies.

Around 18.00 p.m. local time (1500GMT) on Thursday, the dollar/lira exchange rate hit an all-time high of over 7.30.