To "stop" decline of lira, Turkish government banks sell $ 1 billion

Turkish government banks have sold $ 1 billion in a bid to stem the decline of the pound and its rapid decline, especially as investors and markets are increasingly concerned about the country's economic and political turmoil following the election commission's decision to reinstate the Istanbul elections.

Turkey's government banks, including the country's largest exporter, sold $ 1 billion on Thursday, during foreign exchange hours, to stop the decline of the lira, informed sources told Reuters.

The lira reached its lowest level in eight months on Thursday but recovered relatively overnight.

Yesterday, the central bank intervened in an attempt to stop the collapse of the Turkish lira, which fell to its lowest level in eight months.

The Turkish lira fell 15 percent against the dollar this year, as well as losses of 28 percent in 2018, when the currency crisis toppled the Turkish economy.

The lira fell against the dollar to hit 6.24, its lowest level since September. 



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