Central Bank of Turkey sells $2.5bn in attempt to halt lira freefall

Turkey map

The Central Bank of Turkey (CBT) today intervened directly in foreign exchange markets for the first time in two years, to keep the lira from falling to levels that would leave the country's indebted corporate sector in dire straits.

The CBT sold around $2.5 billion worth of foreign exchange, according to analysts' estimates, after the lira fell to almost 2.30 against the dollar from 2.23 on Tuesday, when the bank held its main interest rate at 7.75%, despite the local currency dropping 10% in

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