Diplomacy

Turkish banks sell $8 billion to support lira after Imamoglu detention

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Bloomberg, citing individuals with direct knowledge of the matter, reported that Turkish credit institutions sold approximately $8 billion by noon on Wednesday to support the lira after the currency fell by around 11% following the detention of Istanbul Mayor Ekrem Imamoglu.

The individuals, who requested anonymity due to the sensitivity of the matter, stated that the intervention in the lira market was carried out through multiple credit institutions.

Bloomberg could not obtain comment from the Central Bank.

As of 12:45 PM, the lira was trading at 38.8565 per dollar, down 5.5%.

Following market turmoil, Finance Minister Mehmet Simsek tweeted, “Everything necessary is being done to ensure the healthy functioning of the markets. The economic program we are implementing continues with determination.”

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