ECONOMY

Turkish central bank sold $844 mln in Dec 1 market intervention

turkish-central-bank-sold-844-mln-in-dec-1-market-intervention

Turkey’s central bank announced on Wednesday that it sold $844 million during its direct market intervention on December 1, the first of five this month to stem a crash in the lira that rebounded from record lows this week.

The lira plunged to record lows this year over President Tayyip Erdogan’s push for monetary easing, losing as much as 60% of its value year-to-date before mounting a major rebound this week after the government announced measures to encourage lira savings and protect deposists from volatility. [Reuters]