Turkish Central Bank interferes in Forex for 5th time in Dec...| MENAFN.COM

Friday, 20 May 2022 08:55 GMT

Turkish Central Bank interferes in Forex for 5th time in December


(MENAFN) On Friday, Turkey's Central Bank made an interference in foreign currencies markets for the fifth time in December, quoting "unhealthy price formations."

The interference happened as the national currency, the Turkish lira, increased nearly a record of 17 liras against the US dollar.

After the bank's declaration, the Turkish lira increased in value against the dollar, surging from 17.1420 to hit 16.5645. Past interferences by the bank equaled nearly USD4 billion.

On Thursday, the bank reduced its standard one-week repo rate by 100 basis points from 15 percent to 14 percent, in alignment with market predictions. With the most recent reduction, the monetary authority has cut the vital rate by 500 basis points since September.

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