Turkey has announced a return to a contentious policy of intervening in the currency markets in an attempt to steady the tumbling lira, despite a previous commitment not to do so and limited foreign exchange reserves.
The country’s central bank said on Wednesday that “unhealthy price formations” had prompted the decision to sell hard currency such as US dollars in an effort to support the lira.
President Recep Tayyip Erdogan backed the move, telling reporters that the central bank’s statutes had a provision that permitted currency intervention. “If they need to intervene in that way, they do it,” he said.
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