Turkey to use 'all available' tools as currency plunges

Turkey’s Central Bank says it's ready to use “all available instruments” to calm the market as the Turkish lira drops to new depths, and an interest rate hike is one of the most obvious.
ISTANBUL, TURKEY - NOVEMBER 21: Turkish Lira currency is seen on November 21, 2017 in Istanbul, Turkey. The Turkish Lira plunged to a record low of 3.978 against the dollar in early Tuesday trading. Concern's over deteriorating relations with the U.S. and the central bank continue to effect Turkish markets. (Photo by Chris McGrath/Getty Images)
Turkish lira bills are seen in this image taken Nov. 21, 2017, in Istanbul, Turkey. - Chris McGrath/Getty Images
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Amberin Zaman
@amberinzaman

Turkey’s Central Bank said today that it was ready to use “all available instruments” to reduce market volatility as the Turkish lira slid to record lows against the dollar and the euro.

“Targeted additional liquidity facilities will be phased out amid normalizing economic activity as of early August, the bank said in a statement that was apparently aimed at calming rising market jitters.

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