USD/TRY: The $12 billion reason why the Turkish lira is surging
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The Turkish lira experienced significant volatility this week, initially plunging 18% after the arrest of an opposition leader, but then surging by 9% following the Central Bank of the Republic of Turkey's (CBRT) aggressive intervention. The central bank spent approximately $12 billion in forex markets and unexpectedly hiked interest rates, stabilizing the currency and potentially attracting more investors.
March 22, 2025 | 9:45 am
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The currency pair saw significant movement, rising from a record low of 40.97 to close the week at 37.50, driven by substantial central bank interventions and an unexpected interest rate hike.
The central bank's aggressive forex intervention and surprise rate hike have directly stabilized the currency, suggesting a short-term positive trend for TRYUSD.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100