reserves, and liquidity indicators such as current ratio ( percentage of liquid assets in total of liabilities ) are being observed. however, these reports are not yet part of a comprehensive risk measurement and control system. although they give an idea of the general level of market and liquidity risk levels, the actual risk exposure will be clearly seen only after the reserves portfolio is restructured and the benchmarks are included in these reports. the risk management process related to market risk that we plan includes daily marking to market of benchmark portfolios ; monitoring risk limits determined in terms of currency and duration limits ; daily measurement of actual portfolio ’ s var figures for currency and interest rate exposure ; monitoring liquidity ratios and reporting these figures to the top management weekly including stress testing report. there is no specified global risk tolerance limit but our institutional objectives and constraints are reflected in portfolio benchmarks. in terms of performance evaluation comparison of actual and benchmark portfolios returns are going to be monitored daily and reported to the top management periodically. for credit risk management side, a transaction limit is assigned to each counterparty, covering all types of credit risks and market risks. the limits are marked to market daily and reflect the amount of exposure that the bank is willing to take with each counterparty. the credit limits are set by employing an internal scoring model that incorporates the counterparty ’ s external credit ratings, financial information, and some other qualitative information such as the quality of relationship with our bank and the support status, ie the possibility of getting help from the government in case of financial difficulty. the credit rating of the country in which the bank operates is also considered. reports about limit monitoring are produced regularly. i would like to conclude my remarks by underlining once again how important it is to have an efficient risk management to protect our reserves from financial instabilities all over the world. we need to watch the rapid changes in reserve management in terms of technological developments and in terms of economic conditions very closely and adapt our institutions to these changes right away.

auctions, in the system, and hence, to further enhance the liquidity conditions of the turkish banks. in addition to the suspension of the foreign exchange buying auctions, the central bank started to inject foreign exchange liquidity into the market through foreign exchange selling auctions as of 24 october 2008 as unhealthy price formations were witnessed due to a decrease in the depth of the foreign exchange market. the daily amount of the foreign exchange to be sold via auctions was set as usd 50 million, which could be raised on the days of the auction when deemed necessary. it was also announced to the public that depending on developments in the foreign exchange market, the daily auction amounts might be changed and the auctions might also be suspended, when deemed necessary. as a matter of fact, after the auctions held on two working days, the central bank suspended the foreign exchange selling auctions on 30 october 2008 as a result of easing concerns pertaining to the depth of the foreign exchange market, which was also facilitated by favorable developments in the global markets. hence, in 2008, while the total amount of foreign exchange purchased via buying auctions reached usd 7. 584 million, usd 100 million was sold through two foreign exchange selling auctions. there has not been any direct intervention in the foreign exchange market. the total amounts of foreign exchange purchased and sold by the central bank from 2002 onwards are shown on a yearly basis in the table given below : table 2 : the central bank ’ s foreign exchange purchases and sales ( 2002 - 2008 ; usd million ) year fx buying auctions fx selling auctions fx buying interventions fx selling interventions total net fx buying - 5. 652 - 4. 229 - 9. 881 4. 104 - 1. 283 5. 378 7. 442 - 14. 565 - 22. 007 4. 296 1. 000 5. 441 2. 105 6. 632 9. 906 - - - 9. 906 2008 * 7. 584 - - 7. 484 total 39. 779 1. 100 25. 534 2. 126 62. 087 as of 15 december 2008 problems in the international credit markets have heightened since the second half of september due to increased concerns over the credibility of the financial system, thus leading to liquidity problems in many countries. during this period, the central bank adopted the following regulations in order to ensure the efficient functioning of the foreign exchange market and to strengthen foreign exchange liquidity in the