Turkish net foreign assets fell by nearly $6 billion early this week as President Recep Tayyip Erdogan unveiled plans to bolster the lira, suggesting Turkey made unannounced interventions in foreign-exchange markets.
While the government has said it didn’t intervene, the fall of $5.9 billion probably signals a backdoor intervention similar to operations carried out over two years from October 2018, when state lenders sold dollars to support the local currency.
