Turkish stocks flat at midweek opening

By Aysu Bicer

ANKARA (AA) – Turkey’s benchmark stock index opened at 1,433.86 points on Wednesday, down 0.57 points or 0.04% from the previous close.

Borsa Istanbul’s BIST 100 index slipped 0.27% to end Tuesday at 1,434.43, with a daily trading volume of around 12.8 billion Turkish liras ($1.52 billion).

The US dollar/Turkish lira exchange rate was down to 8.4500 as of 9:30 a.m. local time (0630GMT), versus 8.4540 at the previous close.

The euro/Turkish lira exchange rate stood at 9.9800 compared to 9.9880, while one British pound traded for 11.6800 Turkish liras, versus 11.7490 at the previous close.

One barrel of Brent crude oil was sold for $74.28 as of 10 a.m. local time (0700GMT).

The Turkish Central Bank on Wednesday raised reserve requirement ratios for foreign currency and precious metal deposit accounts.

The ratio has been increased by 200 basis points for all such accounts, according to an announcement in the Official Gazette.

Following the decision, the ratio has reached 23% for foreign currency deposit accounts – demand, notice and up to one-year maturity – and 17% for foreign currency accounts with a maturity of one year or more.​​​​​​​