Central Bank Intervenes In Forex Market

ANKARA - The Central Bank intervened in the foreign exchange market by selling foreign currency on Tuesday.
Releasing a statement, the bank recalled that it had previously announced that supply and demand conditions set the foreign exchange rates in markets under the current floating currency regime, it closely followed the volatility in the foreign exchange rates and it could directly intervene in markets in case of excessive fluctuation in rates.
It stressed that today's intervention in foreign exchange market was not triggered by any concern about foreign exchange rates.
Buying price of 1 U.S. dollar increased to 1,560,000 Turkish liras (TL) and selling price of 1 U.S. dollar increased to 1,575,000 TL. After the intervention selling price of 1 U.S. dollar dropped to 1,545,000 TL.
(MS-AÖ) 11.05.2004