The Turkish Lira has started 2012 with record lows against the greenback, thus hurting the major export community. Turkeys central bank was forced to sell dollars to try and bring the Lira back to respectable figures as inflation is rocketing the country.
The central bank sold over $2 billion dollars on Friday (30th December) and $300 million yesterday (2nd Jan 2012). Turkey currency was one of the words performers of 2011 as it has fallen over 18% against the US dollar.
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Turkey appointed a new central bank governor who changes interest rates on a daily basis to try to manage volatility.
Since July 2011, Turkish central bank has intervened on several occasions and has spent over $11 billion of its reserves.
Forexmagnates team have compiled a detailed report on the state of FX in Turkey post regulations available in the next quarterly report.