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Turkish State Banks Sell $1 Billion to Spare Lira From Rout

Photographer: Simon Dawson/Bloomberg

Turkish state lenders sold between $1 billion and $1.5 billion to stem the lira’s decline on Friday, according to three people with knowledge of the matter.

The sales appear to have been triggered by a global flight from riskier assets as tensions between the U.S. and Iran escalated, two of the people said.