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Turkish Central Bank intervenes to curb 'unhealthy' lira losses

Amid a sharp slide in the nation’s currency, the Turkish Central Bank announced it would intervene in markets and sell foreign exchange reserves Wednesday to stem volatility in the Turkish lira.
A man walks past a currency exchange agency near Grand Bazaar in Istanbul on Nov. 24, 2021, in Istanbul.

ISTANBUL — After losing 28.3% of its value against the US dollar last month, the Turkish lira remained volatile Wednesday, prompting intervention by the country’s central bank.

In a pair of press releases issued Wednesday, the bank announced it would directly intervene by selling foreign exchange reserves and conducting transactions on the Borsa Istanbul Derivates Market “due to unhealthy price formations in exchange rates.”

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