Turkey’s Central Bank sells $75 billion in eight months

Turkey’s Central Bank sells $75 billion in eight months
Update: 15 September 2022 00:11
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Bloomberg Economist Selva Baziki claimed that the Central Bank sold $75 billion of foreign currency in eight months to curb the increase in exchange rates.

Turkish Central Bank has been selling dollars from the “back door” to restrain the increase in the foreign currency after the government failed to use instruments such as currency-protected deposits, income-indexed bonds and credit restrictions for companies with 900 thousand dollars of foreign currency.

Bloomberg Turkey and Sweden Economist Selva Baziki, said on her Twitter account, that foreign currency that the Central Bank sold to the market through the "backdoor" in the eight months of this year  amounted to 75 billion dollars.

In other words, the central bank intervened in the market by selling an average of $9.5 billion every month to prevent the rise in exchange rates. Baziki, in a previous post on August 5, had said that the seven-month figure was 66 billion dollars.