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State Lenders Buying Dollars Ahead of Rate Decision

  • Bloomberg report that Turkey’s state-run lenders are buying dollars as USDTRY nears 23.55, according to traders who asked not to be identified because they are not authorized to speak publicly.
  • The move comes as Turkey’s new economic team curbs its intervention in the currency market.
  • Recent years saw state lenders sell greenback to defend the currency, using central bank’s reserves.

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