NewsTurkey's Central Bank Intervenes In FX Markets

Turkey's Central Bank Intervenes In FX Markets

01.12.2021 12:57

Lira gains 6.27% against dollar to reach 12.65 following announcement.

Turkey's Central Bank on Wednesday said it has intervened in the market via selling transactions due to "unhealthy" price formations in exchange rates, according to a statement by the Bank.

The bank's announcement came amid fluctuating foreign exchange rates.

Following the move, Turkish lira gained 6.27% against dollar, reaching 12.65 after seeing a historic low of 14.05

The Central Bank made its last direct foreign exchange intervention in January 2014 with a sale of $3.15 billion.

Official reserve assets of the Central Bank increased to $123.9 billion by the end of October, a 2.2% jump from the previous month, according to latest figures released on Friday. -

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