Ankara seeks to restore confidence in markets after coup attempt

Ankara seeks to restore confidence in markets after coup attempt

Turkey's central bank said it will cut the commission on daily liquidity options for banks to zero and that it will provide unlimited liquidity to banks to maintain effective operation of the financial markets.

The moves follow a coup attempt on Friday night which is likely to further undermine fragile investor confidence in Turkey ahead of the opening of financial markets on Monday.

The bank said in a statement it would take all necessary measures to protect financial stability and that all central bank markets and systems will stay open until transactions are complete. If needed, it would increase the current $50 billion foreign depot limit, Reuters reports.

The military coup attempt had a limited effect on Turkey’s economy, the Deputy Prime Minister Mehmet Simsek said.

"Turkey’s economy will be one of the fastest developing economies from member countries of the Organization for Economic Cooperation and Development in 2016," TASS cited him as saying.

"Nothing changed in the country, only democracy grew stronger," he noted.

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