Turkish Central Bank sells foreign currency to support lira

“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)