read moreAt the same time the central bank’s net foreign currency holdings – its effective buffer against financial crisis – plunged to nearly a two-decade low. However, Thursday’s data showed that most of last week’s lira appreciation in fact had been driven by central bank intervention, said Per Hammarlund, chief EM strategist at SEB. “(The locals) are not rushing to convert their dollar savings into lira, that is for sure,” Hammarlund added. read moreTHIN BUFFERCentral bank data showed net international reserves hit $8.63 billion last week, their lowest since 2002, from $12.16 billion a week earlier. read moreThe central bank has announced five direct interventions this month to support the lira, which bankers say totaled $6-$10 billion.

Source: Egypt Independent December 31, 2021 09:14 UTC