Turkish market opens 4.95 quadrillion lira short

The Turkish market opened a massive 4.95 quadrillion lira ($7 billion) short after banks rushed to foreign on Feb 19 draining nearly one fifth of the country's international reserves due to a row between the government and the president.

The central bank did not open its regular repo auction to force banks to sell back some of their dollars, bankers said. Bond yields soared, stocks plunged and banks bought around $4.84 billion from the central bank on Feb 19.

Turkish markets were cautious the f