“A London-based analyst, who asked not to be named, said he had calculated an intervention of $6.9bn on the same days — estimates range from $5.5bn to $7bn. Turkish bankers reported a “very concerted and aggressive effort to make Erdogan’s announcement look good”, he said.”
TLDR: Apparently Turkey has burned 6.9 billion dollars in reserves to stabilize the Lira this week.
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“A London-based analyst, who asked not to be named, said he had calculated an intervention of $6.9bn on the same days — estimates range from $5.5bn to $7bn. Turkish bankers reported a “very concerted and aggressive effort to make Erdogan’s announcement look good”, he said.”
TLDR: Apparently Turkey has burned 6.9 billion dollars in reserves to stabilize the Lira this week.