Turkish Central Bank Chief Defends Interventions to Bolster Lira
Turkey's monetary chief defended the central bank's decision to sell tens of billions of dollars of reserves to stabilize the lira in recent weeks, striking a defiant tone in the face of criticism from politicians.
The moves were necessary to 'avert excessive volatility in the exchange rate,' Governor Fatih Karahan said. The comments, to lawmakers in Ankara this week, were a rare public admission of interventions in the foreign-exchange market and a signal more such actions could come.
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