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Central bank sells $350 mln in forex auction
  14.10.2011


Faced with year-to-date lira losses of almost 20 percent to the dollar and rising inflation, the central bank this week mounted its most aggressive defence of the currency yet, selling a record $1.1 billion (715,000 pounds) on Wednesday and Thursday and making changes to banks´ reserve requirements.



 


The action succeeded in lifting the lira well off record lows. But any further FX interventions will put Turkey in serious danger of depleting a reserve stash that is its primary buffer against a large balance of payments deficit.
  
  

Source : english.sabah.com.tr
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