Turkish Lira Swings to Gain as Central Bank Intervenes in Market

An electronic board displays currency exchange rate information inside the Grand Bazaar in Istanbul, Turkey, on Monday, Aug. 16, 2021. The lira and other Turkish assets gained this week, buoyed by an improved outlook for tourism and the rollout of vaccines. Photographer: Moe Zoyari/Bloomberg , Bloomberg

Constantine Courcoulas, Bloomberg News

Dec 3, 2021

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(Bloomberg) -- The Turkish lira surged after the central bank intervened in the currency market for a second time this week.

The lira jumped as much as 2.1% to 13.4026 per U.S. dollar, reversing a decline that pushed it toward another record low earlier on Friday.

The central bank said it intervened because of “unhealthy” price formations, according to a statement posted on its website.

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