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Reports: Lira falls as Turkish central bank reinstates 1-week repo auctions

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Reports: Lira falls as Turkish central bank reinstates 1-week repo auctions

Turkey's central bank resumed its one-week repo rate auctions, reversing a move to tighten policy early this month in response to a tumbling lira.

The Türkiye Cumhuriyet Merkez Bankası AS reinstated funding at 24%, Bloomberg News and the Financial Times reported. The central bank on May 9 suspended its one-week repo auctions as it grappled with a weakening lira, forcing financial institutions to borrow at an overnight rate of 25.5%.

The central bank also cut the interest rate on its foreign-currency swaps to 24% from 25.5%.

The currency was down 0.6% versus the U.S. dollar around 7:30 a.m. ET.