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Turkey's Lira Defense in Week Before Vote Shrinks Forex Reserves by Record
Turkey’s gross foreign exchange reserves posted a record fall in the week before Sunday’s inconclusive elections, as the central bank expanded efforts to support the lira. The reserves dropped by $7.6 billion in the week to May 12 to $60.8 billion, central bank data showed — the biggest weekly fall in the figures going back to 2000. Net reserves as defined by the IMF, including swaps, also fell to $2.3 billion, the lowest in over two decades. The data mark an acceleration in attempts to defend the currency, seen by citizens as a key barometer of the economy’s health and a major point of contention in the ... (full story)