Turkey’s central bank intervened in markets by selling foreign currencies for the first time in seven years to stem the lira’s decline against the U.S. dollar.
The intervention is due to “unhealthy price formations” in the market, the monetary authority said in a statement.
The swung to gains after the statement and was trading 0.8% stronger at 13.3855 per dollar as of 12:21 p.m. in Istanbul.
©2021 Bloomberg L.P.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.