Central Bank sells foreign currency: The economic cost of the tension at the CHP provincial building

The political tension that began with the appointment of a trustee to the CHP Istanbul Provincial Presidency has caused movement in foreign exchange markets.

8 BILLION DOLLAR FOREIGN CURRENCY SALE

According to a report by Sözcü, the Central Bank sold a significant amount of foreign currency from its reserves to support the Turkish Lira. According to bankers' estimates, a sale of 3 billion dollars was carried out yesterday alone. The total amount of sales since Gürsel Tekin was appointed as trustee on September 2 has reached 8 billion dollars.

Following these developments, the British banking giant HSBC raised its year-end dollar forecast from 42 lira to 44 lira in its report dated September 8. One of the bank's strategists, Murat Toprak, stated that the Central Bank's exchange rate policy is attempting to keep the TL stable, but that its targets for real Turkish Lira appreciation are looser than last year.

News Source: 12punto