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Turkish Banks Sold Around $8 Billion to Defend Lira

foreign exchange :: 1day ago :: source - bloomberg

By Beril Akman and Inci Ozbek

Turkish Banks Sold Around $8 Billion to Defend Lira. Bloomberg

(Bloomberg) -- Turkish lenders sold around $8 billion until midday on Wednesday to support the lira after the currency plunged as much as 11% following the detention of Istanbul Mayor Ekrem Imamoglu, according to people with direct knowledge of the matter.

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The intervention in the lira market was carried out through multiple lenders, the people said, asking not to be identified, citing the sensitivity of the matter.

The central bank wasn’t immediately available for comment.

The lira was trading 5.5% lower at 38.8565 per dollar as of 12:45 p.m. in Istanbul.

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