Lira Drops to New Record, Central Bank Intervenes

The Turkish lira continued to fall today to new record lows for ninth straight session, demonstrating the longest string of losses since 2001. The big slump made the central bank to intervene to stem the decline, but for now the currency remains very weak.
The lira intensified its fall after the central bank’s policy meeting. This spurred the Central Bank of the Republic of Turkey to make an unscheduled intervention, buying the currency. It was the first intervention in more than two years.
USD/TRY from 2.2588 to 2.2804 as of 15:15 GMT today.

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