“The Central Bank of the Republic of Turkey directly intervenes in the market via selling transactions due to unhealthy price formations in exchange rates,” the bank said in a statement.

It has been the bank’s fifth intervention in recent weeks to attempt to prop up Turkish currency.

After a period of modest recovery in 2020 and early 2021 amid the COVID-19 pandemic, the Turkish lira plunged to all-time lows following the replacement of Central Bank chief Naci Ağbal with Şahap Kavcıoğlu. (ILKHA)