Turkish Central Bank pumps 500m TL into market

Turkey's Central Bank pumped 500 million Turkish Lira into the market on Wednesday while making a tender of repo auction dated January 2, 2014. Noting they will pump at least 3 billion dollars into the market in January, CB chief Erdem Basci added, "We are going to release at least 100 million dollars every day in January." Meanwhile, the US dollar reached a historic peak against the Turkish lira on Friday as the US Federal Reserve started trimming its monetary stimulus program, and one US dollar exchanged for 2.0947 Turkish lira. The simple interest rate became 4.5 percent and the compound interest rate 4.6 percent at the repo auction in the Turkish Central Bank's tender.