Turkey intervenes in FX markets as lira slide continues

Erdem Başçı

The Central Bank of the Republic of Turkey (CBRT) has taken action to halt the sliding lira as investors take flight over government meddling and the prospect of shockwaves from a Federal Reserve rate hike.

The CBRT has found itself in an uncomfortable position, trapped between slowing growth and rising inflation, with a falling lira and loud demands for action from president Recep Erdoğan.

Yesterday the central bank cut its deposit rates on foreign exchange from 7.5% to 4.5% for US dollars, and

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