CBRT conducted a repo auction of TRY10B via traditional method

The Central Bank of the Republic of Turkey (CBRT) conducted a repo auction of 10 billion liras via the traditional auction method, on Tuesday.

In the framework of the tightening steps taken under liquidity management, the repo auction has been determined as 6 October.

The average simple rate was at 10.57 percent in the auction determined as 2 October, with a total bid of 40 billion 670 million liras, on Monday.

CBRT did not open a one-week repo auction at the 8.25 percent policy rate last week and on Monday. Since August 7, the bank has not provided funding for one week at this interest rate.

In the traditional method of repo auctions, the interest rate is formed by the offers of the banks, and the average funding cost increases in this way.