The US-based financial agency Bloomberg reported that public banks have resumed foreign exchange sales in order to prevent the depreciation of the Turkish lira. In the news published by Bloomberg with the signature of Kerim Karakaya and Aslı Kandemir, it was stated that Turkey’s state banks intervened in the foreign exchange market with the deepening of the decline in the Turkish lira today.
According to the statement made by unnamed sources to Bloomberg, state banks sold approximately 1 billion dollars of foreign currency until noon in order to prevent the Dollar / TL rate from exceeding the level of 26.07.
Bloomberg Says Public Sells Currency, Officials Point to KKM Returns
Speaking to Reuters after the news by Bloomberg, a high-level official close to the subject said that in order to meet the foreign exchange liquidity need in the market, through public banks. $1 billion in sales stated. According to the statement, the 1 billion dollar sale stated by Bloomberg was not realized to interfere with the dollar/TL parity.
In a statement to Reuters, the official emphasized that the Central Bank’s policy of not selling through public banks continues and said, “There is no effort to put pressure on the currency. The transaction is not an intervention in the exchange rate, but a process of providing a healthy price formation in the market and providing a liquidity that reduces volatility.”
Sources close to the subject pointed out that there were intense exchange rate-protected deposit accounts (KKM) returns this week, and stated that the Central Bank was not willing to keep the exchange rate at a certain level by using its reserves, and therefore, an increasing trend was entered in its reserves.
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