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Turkish minister: “hot money” outflows $8 bln-paper

The central bank last month surprised markets with a second consecutive cut in its policy rate to 6.25 percent.


February 2, 2011 10:20 by

Outflows of short-term foreign capital from Turkey amounted to just over $8 billion as a result of measures against “hot money”, Sabah newspaper on Wednesday quoted Finance Minster Mehmet Simsek as saying.

The central bank last month surprised markets with a second consecutive cut in its policy rate to 6.25 percent from 6.5 percent, and increased the required reserve ratio by 200 basis points to ensure an overall tightening of monetary policy.

The central bank cut interest rates to make yields less attractive to hot money inflows and raised required reserve ratios to drain excess liquidity and curb credit growth.

“It changes every moment but the outflows of hot money are a bit more than $8 billion,” Simsek was reported as telling economy reporters.

Simsek also said the government was making a serious effort to slow down the economy in the run up to the parliamentary election in June, the Milliyet daily reported.

(Writing by Daren Butler; Editing by Alex Richardson)


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