State-owned banks in Turkey are selling US dollars as the lira declines and demand for foreign exchange rises, Bloomberg reported.
The sales mark a rare move by state banks, a day following the lira’s sharp fall.
The country’s policy of foreign exchange ceased last year, as foreign reserves diminished gradually.
The Turkish currency rebounded after an 11-day slide by 4.7 percent at 12.24 per one dollar.
The fall in lira put Turkey’s year-to-date loss at 39 percent, which makes it the worst performing currency among emerging markets tracked by Bloomberg.