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Turkey Central Bank Intervenes
in FX Markets to Stabilize Lira

The Turkish lira rebounded strongly Wednesday as the central bank said it had intervened due to “unhealthy” market prices.

The Central Bank of the Republic of Turkey (CBRT) said in a statement it “directly” intervened in the market “via selling transactions due to unhealthy price formations in exchange rates.”

The lira, which had earlier weakened as much as 3.3% to 13.87 against the U.S. Dollar, gained 6.27%, reaching 12.65 before it pared gains. It had dropped to an all-time low of 14.05 on Tuesday.

 

The central bank made its last direct foreign exchange intervention in January 2014 when it sold around $3.15 billion.

Services trade stood at about $1.5 trillion in the July-September period of this year, according to the report.

"The value of global trade in goods continued to increase during each quarter of 2021. The recovery has been more muted for trade in services, which remains below its levels of 2019," the report said.

"Trade in goods is projected to reach a record level of $22 trillion in 2021. Trade-in services should be valued at about $6 trillion in 2021, still slightly below its pre-pandemic level," it added.

UNCTAD warned that the global trade outlook for 2022 remains "very uncertain" due to several factors such as a slowing economic recovery, disruptions of logistic networks and increases in shipping costs.

Other factors include global semiconductor shortages, geopolitical factors and the regionalization of trad

Turkey's Central Bank on Wednesday said it has intervened in the market via selling transactions due to "unhealthy" price formations in exchange rates.

The Bank’s statement came amid fluctuating foreign exchange rates.

Following the move, the Turkish lira gained 6.27% against the dollar, reaching 12.65 after seeing a historic low of 14.05

The Central Bank made its last direct foreign exchange intervention in January 2014 with a sale of $3.15 billion.

Official reserve assets of the Central Bank increased to $123.9 billion by the end of October, a 2.2% jump from the previous month, according to the latest figures released on Friday.

 

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