Turkey's central bank has scaled back its currency interventions in January but still spent as much as $1 billion last week to keep the lira steady after last month's extreme volatility, according to the calculations of bankers and economists.
Register now for FREE unlimited access to Reuters.comAmong the measures are central bank purchases of 25% of exporters' hard currency revenues and entire payments from foreigners into a citizenship-for-homes programme, as well as hard currency transfers into a new deposit-protection scheme.
"The central bank not only buys some foreign currency that comes to the market but also its reserves sales are continuous, a forex regime directed by the state," said a senior banker who requested anonymity. Finance Minister Nureddin Nebati has said state entities have a duty to intervene to stabilize the currency as needed.Despite last year's costly interventions, the lira shed 44% of its value in 2021 due largely to unorthodox interest rate cuts urged by President Tayyip Erdogan whose sweeping new economic programme focuses on exports, credit and investment.
As Erdogan praised the currency stability this month and promised to address the "inflation bubble," Kavcioglu said the central bank has made lira a top priority.
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