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Turkey Central Bank Intervenes in FX Markets to Stabilize Lira -Breaking

by Mike Robinson

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(Bloomberg) —

Turkey’s central bank intervened in markets by selling foreign currencies for the first time in seven years to stem the lira’s decline against the U.S. dollar.

The intervention is due to “unhealthy price formations” in the market, the monetary authority said in a statement.

After the announcement, the market traded 0.8% higher at 13.3855 dollars in Istanbul.

©2021 Bloomberg L.P.

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