The volume of foreign currency sold by the Central Bank of Turkey during the two direct market interventions in early December was $ 1.35 billion. This was announced by the Turkish Central Bank on its website.
In total, in December, the Central Bank held five currency interventions – 1, 3, 10, December 13 and 17. According to adopted rules, the official volumes of these injections are disclosed 15 days later.
Thus, on December 1, the bank sold $ 844 million, and on December 3, another $ 504 million. According to CNN Türk TV channel, the Central Bank held interventions for the first time in the last seven years due to the fact that, according to his experts, the cost of currencies in the last The time is unhealthy and does not reflect the real situation in the economy.
Turkish Lira for November fell almost a third compared with the beginning of the year. The fall of the lira was even more accelerated by the fact that the central bank reduced the accounting rate by another 1% despite the growing level of inflation.
At the beginning of the week, the course fell to the level of 18 lire per dollar. A sharp growth of the Lyra began after the statement by the President of Turkey Tayip Erdogan on the new plans to counter the volatility of the course.