May 11, 2019 / 8:18 AM / 2 months ago

Turkish state banks sold around $4.5 bln last week to support lira

ANKARA, May 11 (Reuters) - Turkish state banks sold around $4.5 billion last week including a final intervention late on Friday, sources told Reuters, to support the lira and stem declines triggered by a decision this week to re-run Istanbul’s mayoral election.

The lira closed at 5.9955 against the U.S. dollar on Friday, after hitting its weakest level in more than seven months at 6.2460 on Thursday.

Turkish state banks sold more than $1 billion on Thursday and overnight, sources said, not specifying which funds the banks used for the sales.

Economists say the banks have used dollars sourced from Central Bank facilities earlier this year to sell into the market to support the lira. (Reporting by Orhan Coskun, Nevzat Devranoglu and Jonathan Spicer Writing by Ezgi Erkoyun Editing by Alexandra Hudson)

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