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2025-09-16 17:50:28
[Turkish Central Bank Turns the Tide: "Battle to Defend" $10 Billion in Foreign Exchange Reserves] ⑴ After selling nearly $10 billion in foreign exchange over two weeks, the Turkish Central Bank resumed foreign exchange purchases on Monday, demonstrating its commitment to stabilizing the domestic currency. ⑵ The intervention was prompted by street protests sparked by a court ruling against the head of the Istanbul provincial branch of the main opposition party, reigniting criticism of the government and leading to selling pressure on the Turkish lira, stock, and bond markets. ⑶ Traders estimate that by September 2nd, the Turkish Central Bank had sold approximately $5.4 billion in foreign exchange to counter the sharp fluctuations in asset prices. ⑷ Subsequently, as the Republican People's Party (CHP) vowed to ignore the court ruling, Turkish assets continued to come under pressure, leading the central bank to sell approximately $4.2 billion in foreign exchange over several days last week in an attempt to stem the market's decline.
