Turkish lira caps historic week with big lift from Erdogan government

Published by
Reuters

By Nevzat Devranoglu and Jonathan Spicer ANKARA (Reuters) – Turkey’s lira was on track for its strongest week on record on Friday, having spiked more than 50% with the support of billions of dollars of state-backed market interventions and a promise that the government would cover FX losses on certain deposits. Turks did not sell dollars on Monday and Tuesday, according to official data that suggested they had played little role in the sharpest market gains. The state interventions, meanwhile, cost the central bank more than $8 billion this week, according to traders’ calculations. After four …

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