Turkey Abandons Plan to Tap 40 Bln Lira From Central Bank Reserves – Sources

New York Times | May 17, 2019 at 2:55 PM
  • Turkey has for now abandoned a currency-boosting plan to transfer some 40 billion lira (£5.1 billion) from the central bank’s legal reserves to the Treasury, two sources close to the issue told Reuters on Friday.
  • On Monday, Reuters reported that the Treasury ministry was working on legislation to transfer the legal reserves to the government’s budget to shore it up, and to support the beleaguered Turkish lira.
  • At the end of 2018, the legal reserves stood at 27.6 billion lira.