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Turkish central bank shores up lira

Turkish central bank shores up lira

January 23
14:14 2014

In an effort to shore up the ailing Turkish lira, Turkey’s central bank has intervened in the foreign exchange markets, selling dollars amid new lows.

In a brief statement issued today, the central bank said that because of “unhealthy price occurrences”, it was intervening, however, it gave no further details.

Earlier on the lira fell to an all-time low of 2.28 against the dollar, recovering slightly to 2.26 after central bank intervened.

The lira has been weakening steadily amidst political upheaval in Turkey, following a bribery and corruption scandal involving people close to Prime Minister Erdogan.

Some observers say that it was government pressure that influenced the decision taken against increasing the interest rate to prop up the weakening lira.

 

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