Turkish Central Bank Interferes In Forex For 5th Time In Dec.


(MENAFN) On Friday, Turkey’s Central Bank interfered in foreign currency markets for the fifth time in December, citing “unhealthy price formations”.

The interference came as the national currency, the Turkish lira, rose by nearly a record 17 lira against the US dollar.

After the bank’s statement, the Turkish lira appreciated against the dollar from 17.1420 to 16.5645. The bank’s past interference amounted to nearly $ 4 billion.

On Thursday, the bank cut its standard one-week repo rate by 100 basis points from 15% to 14%, in line with market forecasts. With the most recent reduction, the monetary authority has reduced the vital rate by 500 basis points since September.

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