Borsa İstanbul Chair: We’ve Sold Foreign Currency But I Don’t Know How Much

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Concerning the foreign currency sale, Turkey’s main stock exchange, Borsa İstanbul Chair Himmet Karadağ has said that they wanted to show confidence in Turkish Lira but he doesn’t know how much they’ve sold.

Speaking at Bloomberg HT, Karadağ stated that they analyze the recent developments in economy and they wanted to show confidence in Turkish Lira since they saw that the latest attacks in dollar are not based on financial parameters.

CLICK - Exchange Rate of US Dollar Exceeds 4.90 TRY

Karadağ briefly said:

“I don’t even ask to my friends about the amount. We have some currency-based incomes.

“We are not monetary policy authority. We’ve taken this step as Borsa İstanbul. We’ve taken this step because we’ve seen an attack beyond reasonable exchange levels.

“If we could have seen a reasonable justification for this attack in our calculations, we wouldn’t give this reaction".

“Speculative moves”

Borsa Istanbul said in a written statement today (May 23) that the decision was taken after a “thorough review on the real dynamic of the economy and harsh speculative moves in the foreign exchange markets.”

“After a detailed review on the Turkish economy, we have converted all bourse assets into lira with the exemption of the amount needed to meet our short-term needs, in order to show our confidence and support to the Turkish Lira,” read the statement. (EKN/TK)