Turkey's Central Bank intervenes in FX markets

By Aysu Bicer

ANKARA (AA) - Turkey's Central Bank on Wednesday said it has intervened in the market via selling transactions due to "unhealthy" price formations in exchange rates, according to a statement by the Bank.

The bank's announcement came amid fluctuating foreign exchange rates.

Following the move, Turkish lira gained 6.27% against dollar, reaching 12.65 after seeing a historic low of 14.05

The Central Bank made its last direct foreign exchange intervention in January 2014 with a sale of $3.15 billion.

Official reserve assets of the Central Bank increased to $123.9 billion by the end of October, a 2.2% jump from the previous month, according to latest figures released on Friday.