ANKARA, March 20 (Xinhua) -- Türkiye's central bank announced Thursday that it will start conducting Turkish lira-settled foreign exchange forward-selling transactions.
In a statement, the bank said the aim is "to ensure the sound functioning of the foreign exchange market, prevent possible volatilities in exchange rates, and stabilize foreign exchange liquidity."
The move came after the drastic fluctuations in the foreign exchange market on Wednesday, which saw the Turkish lira plunging at one point by as much as 14.5 percent against the U.S. dollar, although later trading down around 7 percent.
Assuring markets and investors that the current economic program in Türkiye will remain intact, Turkish Treasury and Finance Minister Mehmet Simsek said Wednesday on social media that "everything necessary is being done for the healthy functioning of markets."
Wednesday's market fluctuations coincided with the arrest of Istanbul Mayor Ekrem Imamoglu, together with dozens of senior municipal officials, as part of an investigation for wide-ranging charges initiated by the Istanbul Chief Public Prosecutor's Office. ■
