Central Bank of Turkey in aggressive move to defend lira
The Central Bank of Turkey (CBT) conducted a string of foreign exchange auctions on Monday worth at least $1.5 billion – a new record – in an aggressive attempt to bolster its national currency, the lira, which has weakened considerably against the dollar in recent months.
In a statement released this morning, the CBT said: "From today, a strong additional monetary tightening practice will be started." It added that tightening would be "strong, effective [and] temporary".
The lira, which has
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