Turkish C. Bank moves to simplify monetary policy

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.