Both the Turkish lira and the Indian rupee hit their weakest ever levels against the US dollar today; other emerging currencies have tumbled over the last 10 days. The central bank in Ankara today eased reserve requirements commercial banks must hold with it, freeing up something like $10 billion for them to use. It also greatly increased the amount of money they can borrow against their foreign exchange holdings, Bloomberg reports. Finance minister Berat Albayrak said today, ‘’from Monday onwards our institutions will take the necessary steps and will share the announcements with the market’’. As I write this, we’re still waiting.
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