Local Turkey

Turkish Central Bank intervenes in markets for 4th time in Dec

Move aims to back Turkish lira after it lost ground to other currencies

Citing “unhealthy price formations,” the Turkish Central Bank on Monday intervened in foreign exchange markets for the fourth time this month.

The move came after the Turkish lira slipped to a new low against the greenback,falling to around 14.75 on Monday.

“The Central Bank of the Republic of Turkey directly intervenes in the market via selling transactions due to unhealthy price formations in exchange rates,” the bank said in a statement.

The lira gained against the dollar after the move, trading 14.30 by 1020GMT.

This was the fourth intervention since Dec. 1, when the Central Bank announced its first direct intervention in seven years, with the previous three totaling over $2 billion.


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