Turkish central bank embarks on daily dollar sales

turkey

The governor of the Central Bank of Turkey (CBT) today launched a new offensive, committing to sell foreign exchange worth at least $100 million on a daily basis until further notice.

Erdem Basci's announcement follows yesterday's decision by the bank's monetary policy committee (MPC) to raise the CBT's overnight rate – its main interest rate – by half a percentage point to 7.75%, in a widely unexpected move.

Basci, who issued the statement on the CBT's website, said the intervention into the fo

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