Turkey Central Bank Starts ‘Strong’ Tightening to Bolster Lira

Turkey’s central bank auctioned a record $1.5 billion in foreign exchange on Monday, tightening policy to defend a lira that had hit all-time lows against the dollar.

The lira has lost as much as 6 percent of its value against the dollar since late May, when unprecedented protests broke out against Prime Minister Tayyip Erdogan. Demonstrations centered on the commercial capital Istanbul compounded investor concerns about the U.S. Federal Reserve scaling back stimulus measures.

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