Skip to content
Subscriber Only

Turkey Central Bank Strengthens Currency Defense Amid Lira Slide

Updated on

Turkey’s central bank strengthened its defense of the lira today with a decision to meet foreign-exchange demand from some state companies outside the spot market.

The bank in Ankara said in a surprise statement on its website that it and the Treasury would sell dollars to state-backed energy importing companies. The move is intended to reduce demand for foreign-exchange on the spot market after the lira weakened to a record low against the dollar in intraday trading today.