Published On: Tue, Jul 28th, 2020

Turkey’s state-owned banks sell US$ 2 billion in 2 days to defend lira




Central Bank announces end-year US dollar and inflation forecast for 2019

After resting at around 6.85 level for a long period of time Dollar / TL has recorded sharp movements for the last 2 days. Based on information provided by sources close to the matter, Bloomberg has quoted state-owned banks selling about $ 2 billion to curb the rate.

The dollar / TL rate had seen levels of 6.98 yesterday and today after anchoring around 6.85 for a long time. The Euro / TL was also close to 8.21, an intraday record, with 8.20 levels yesterday.

Regarding the issue experts have commented as follows: “It seems the state-owned banks are active again in defending the lira. The Lira is a currency, heavily managed”.

Reuters quoted Turkey’s total foreign exchange supply, which includes tinkering with markets since early 2019, as exceeding $ 100 billion. (SÖZCÜ)







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