Turkey's central bank says intervenes in forex market

0 Comment(s)Print E-mail Xinhua, December 2, 2021
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Turkey's central bank said on Wednesday that it was intervening in foreign exchange markets given "unhealthy price developments" as the Turkish lira hits record lows.

The bank "started to conduct transactions at Borsa Istanbul Derivates Market (VIOP) because of unhealthy price developments in exchange rates," it said in a written statement.

The lira fell toward 14 against the U.S. dollar late Tuesday after President Recep Tayyip Erdogan said he hoped interest rates would continue to fall until Turkey's next national elections in 2023.

The bank made the last direct intervention on Jan. 23, 2014.

The Turkish currency lira has lost more than 40 percent of its value this year against the dollar, while the annual inflation hit almost 20 percent in October. 

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