Turkey Central Bank Fails to Arrest Lira Slide With Intervention
This article is for subscribers only.
The Turkish central bank’s first unscheduled currency interventions in more than two years failed to stem the lira’s slide.
The currency plunged as much as 2 percent to a record 2.3029 per dollar after the central bank sold foreign currency in multiple attempts to shore up the lira. The bank bought the local currency because of “unhealthy price formations,” according to a statement on its website, which didn’t specify the size of the purchases. It sold about $3 billion, according to HSBC Holdings Plc, citing market estimates.