The central bank of Turkey has reduced the quantity of daily FX purchase auctions from $40 million to $30 million, Balkans Business News reports. The move follows the decreased capital flows to emerging markets due to the European debt concerns. On May 30, 2011, the country decreased the amount of daily FX auctions from $50 million to $40 million. Turkey may stop the auctions for a short or long period if necessary. The central bank has drained about $5.8 billion from the FX market since start of 2011.
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