The interventions hit Turkish dollar bonds and raised default insurance costs, as markets factored in the impact on the central bank’s already-depleted foreign exchange reserves.
Turkey’s state banks don’t comment on their interventions in the foreign-exchange market. The currency depreciated as much as 0.4% on the day and was trading 0.3% lower at 26.08 per dollar at 3:25 p.m. (Bloomberg) - Turkey’s state-run banks re-entered the foreign-currency market on Monday, selling as much as $1 billion by midday to prop up the lira, according to traders.Īs the currency’s decline deepened after last week’s public holidays, state banks stepped in to prevent it from falling much past 26.07 per dollar, the traders said, asking not to be named because they weren’t authorized to speak publicly on the matter.
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