Record intervention: Turkish bank Central issued record -breaking $ 11.5 billionto defend course Lira – says the interlocutor of “Financial Times” with knowledge in the subject and which bases his calculations on data from the Bürümcecei Research and consultancy consulting company. This is almost four times a larger amount than the previous record intervention of the authority. One of the Turkish bankers claims that the authorities on Wednesday “lost control” over the market, which left a trace on investors' trust.
That's why Lira lost: The intervention of the Turkish central bank is a reaction to the fall of the lyre, which lost at the worst moment As much as 11 percent In hand with dollar and fell to the lowest level in history. It was in turn the effect of arrest On Wednesday, the mayor of Istanbul Immogle, who was to be announced this weekend with a candidate in presidential elections. In addition to Lira, he also dived the main Turkish Index XU100, which lost about 6 percent on Wednesday.
Interest rates up: Analysts say that the Turkish central bank probably continued the intervention on Thursday and Friday. In addition, in order to calm the markets on Thursday, it was organized Extraordinary meeting The authority on which the main interest rate was raised, which is to encourage local investors to stay at the savings accounts in Lirach, instead of going to dollar accounts.
Lira defended itself, but the stock exchange is not: The interventions softened and slowed down the decline in the lyre. The XU100 index, however, was not the best and Friday He lost another 8 percentthus include the worst week since 2008.
More about events from Turkey You will learn from the article “Crach of the Turkish Lira after information on the competitor Erdogan. 'Attempt to assassination“
Sources: Financial Times