ECONOMY

Turkish state banks sold around $4.5 bln last week to support lira: sources

The lira closed at 5.9955 against the US dollar on Friday, after hitting its weakest level in more than seven months. (File photo: Reuters)

Turkish state banks sold around $4.5 billion last week including a final intervention late on Friday, sources told Reuters, to support the lira and stem declines triggered by a decision this week to re-run Istanbul's mayoral election.

The lira closed at 5.9955 against the US dollar on Friday, after hitting its weakest level in more than seven months at 6.2460 on Thursday.

Turkish state banks sold more than $1 billion on Thursday and overnight, sources said, not specifying which funds the banks used for the sales.

Economists say the banks have used dollars sourced from Central Bank facilities earlier this year to sell into the market to support the lira.

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Last Update: Saturday, 11 May 2019 KSA 11:25 - GMT 08:25
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