Turkey: Central Bank sells $ 844 million in market intervention

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THE Central Bank of Turkey announced today that sold $ 844 million during its direct market intervention on December 1, the first of five this month to curb the pound, whose exchange rate has risen since reaching record depths this week.

The Turkish pound hit record lows this year amid pressure from President Tayyip Erdogan for monetary easing. It lost up to 60% of its value in a year before rising sharply this week after the government announced measures to encourage pound savings and protect deposits.

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