Economy

Turkey's Central Bank intervenes in FX markets for 2nd time this week

Turkish lira gains ground against dollar slightly following announcement

Aysu Bicer   | 03.12.2021
Turkey's Central Bank intervenes in FX markets for 2nd time this week

ANKARA

Turkey's Central Bank has intervened in the foreign exchange markets for the second time this week "due to unhealthy price formations in exchange rates," the bank announced on Friday.

The announcement came amid fluctuating foreign exchange rates.

Following the move, Turkish lira gained ground against dollar slightly, falling to 13.41 from 13.88.

The bank's previous direct foreign exchange intervention came on Wednesday for first time since January 2014, when it had made a sale of $3.15 billion.

The Central Bank announces foreign exchange interventions to the public on the same day, and the amounts are published 15 days after the intervention.

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