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Turkey's Central Bank intervenes in markets for 5th time this month amid fluctuating FX rates

Turkey's Central Bank intervenes in markets for 5th time this month amid fluctuating FX rates
Intervention comes as lira nears record low of 17 to the US dollar

By Aysu Bicer

ANKARA (AA) - Turkey's Central Bank on Friday intervened in foreign exchange markets for the fifth time this month, citing "unhealthy price formations."

The intervention came as the local currency, the Turkish lira, hovered around a record of 17 liras to the US dollar.

Following the bank's announcement, the Turkish lira gained some ground against the dollar, going from 17.1420 to 16.5645.

Previous interventions by the bank totaled approximately $4 billion.

The bank on Thursday cut its benchmark one-week repo rate by 100 basis points from 15% to 14%, in line with market expectations.

With the latest cut, the monetary authority has lowered the key rate by 500 basis points since September.

The Central Bank announces foreign exchange interventions to the public on the same day, with the amounts published 15 days later.

source: News Feed
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