Turkey Central Bank announced the start of currency interventions to stabilize the sharp volatility of the national currency rate. This is stated in the statement of the Central Bank.
“because of the unhealthy formation of the cost, which is observed in the exchange rates, direct interference in the sales currency sales scope is carried out,” the Turkish Central Bank is noted, which quotes TASS.
After the Central Bank’s statement, the Turkish Leira has strengthened by more than 7% in relation to the dollar, the bidded data is evidenced.
Since the beginning of the year, the Turkish currency was devalued by 70%, which became one of the largest drops of its value in recent years. In January, the dollar was given about 7.3 lira. Last week, Lira crossed the barrier at 13 lir per dollar, setting the historical record of the fall.