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Turkish lira remains stable after US sanctions

Turkey’s currency remained relatively stable Tuesday after the United States imposed limited sanctions on Ankara for acquiring Russian-made S-400 missile defense systems.
ISTANBUL, TURKEY - DECEMBER 01: People walk past a branch of Turkish bank HalkBank on December 1, 2017 in Istanbul, Turkey. The trial of Mr. Reza Zarrab, an Iranian-Turk who ran a foreign exchange and gold dealership continues in New York. In recent days testimony Mr. Zarrab implicated a number of Turkish Banks as well as high ranking government officials. Mr. Zarrab is accused of managing a billion-dollar scheme to smuggle gold for Iranian oil and conspiring to violate United States sanctions against Iran.

ISTANBUL — The Turkish lira was unrattled Tuesday after the United States imposed sanctions on Ankara over its 2019 acquisition of Russian-made S-400 missile defense systems.

The currency rallied 1% to 7.82 per dollar Monday following the announcement, holding steady at around 7.84 through Tuesday as some market observers concluded the long-looming threat of US Countering America's Adversaries Through Sanctions Act (CAATSA) penalties had already been priced into Turkish markets.

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