Turkish bank sold nearly $9 bln to defend lira

Turkish lenders sold up to $ 9 billion yesterday to support the Turkish lira after the currency plunged as much as 11% following the detention of Istanbul Mayor Ekrem Imamoglu.

The intervention in the lira market was carried out through multiple lenders.

On March 19, Turkey's lira tumbled to a record low of 42 per dollar. The lira closed at 37.665 per dollar, a 2.6% decline. Early in the overnight session, it was bid at 38.