After several days of sharp hikes in dollar TL rate, the Central Bank eventually intervened in the foreign currency market in Turkey.
The one-sentence statement shared by the bank said, “Due to the unhealthy price formations observed at exchange rates, direct intervention is being made in the direction of selling to the market.”
The Central Bank has made a press release on “Direct Foreign Exchange Intervention”. “Due to unhealthy price formations observed at exchange rates, direct intervention is being made in the direction of selling to the market” the bank said.
The intervention is already in action
The Central Bank announced that trading on the Istanbul Stock Exchange Futures and Options Market has begun due to unhealthy price formations observed at exchange rates.
The bank is to intervene during periods of extreme volatility, only
The Central Bank had announced on November 23, the day the TL lost 10 percent in value, that it would not intervene in the market, and the only intervention would be during periods of extreme volatility.
