The Central Bank of Turkey said on December 8 that due to heightened volatility observed in the exchange rates, the daily foreign exchange selling auction amount would be increased from minimum $20mn to minimum $40mn from December 9 onwards.
Not long ago, it was only last week the Central Bank reduced the forex auction amount to $20mn, citing the expected improvements in the balance of payments. US dollar gained against currencies, including TRY, after U.S job data raised expectations that the FED is closer to raising interest rates. Weak Turkish industrial output also contributed to the depreciation of TRY which fell to its weakest since mid-October against the dollar.
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