Turkish Central Bank to Use All Instruments to Maintain Stability, Governor Tells Bank Executives
In a statement, TBB said that Karahan and TBB board members discussed recent market developments in a meeting on Sunday, after an Istanbul court formally arrested Istanbul Mayor Ekrem Imamoglu.
Turkish lira, stocks and bonds suffered heavy declines since Wednesday when Imamoglu, the main political rival to President Recep Tayyip Erdogan, was taken into custody.
Finance Minister Mehmet Simsek has told bankers that temporary market fluctuations were being monitored closely and necessary measures were being taken, according to a readout of a meeting from TBB.
The Central Bank this week raised its overnight rate unexpectedly and spent about $10 billion in foreign reserves on Wednesday to stabilize the currency, which plunged by 12% to an all-time low that day. Inflation was 39% last month.
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