May 23, 2018 / 4:40 PM / 4 months ago

Turkey's weighted average cost of funding to be increased to 16.5 percent on Thursday- official

ANKARA, May 23 (Reuters) - Turkey’s weighted average cost of funding will be increased to 16.5 percent on Thursday after the central bank raised its late liquidity window rate by 300 basis points to 16.5 percent to support the ailing lira, a Turkish official told Reuters.

In an emergency meeting, the bank left its overnight borrowing rate unchanged at 7.25 percent, its overnight lending rate unchanged at 9.25 percent and one-week repo rate unchanged at 8.0 percent.

Reporting by Nevzat Devranoglu Writing by Ece Toksabay Editing by Dominic Evans

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