Turkish central bank to hold key meeting with banking sector: Bloomberg

Officials from the Central Bank of the Republic of Türkiye (CBRT) are scheduled to meet with executives from Turkish commercial banks on Sunday afternoon to address the recent downturn in Turkish markets, while political tensions soar following the arrest of Istanbul Mayor Ekrem Imamoglu, business-focused Bloomberg reported.

Sources familiar with the matter said the meeting will focus on assessing current market conditions and exploring potential coordination between the central bank and lenders. Discussions are also expected to cover the CBRT’s new measures and evaluate additional steps to manage market volatility.

Central bank intervenes with emergency measures

On Wednesday, the Turkish lira fell by up to 12% amid rising political uncertainty and surging demand for foreign currency. Losses later narrowed to around 6% after the central bank intervened by selling reserves—an effort economists estimated may have cost up to $25 billion over three days.

In addition to market intervention, the CBRT also introduced new policy measures aimed at restoring financial stability. These included:

• Raising the overnight lending rate to 46%,
• Launching lira-settled foreign exchange forward-selling transactions,
• Temporarily suspending one-week repo auctions,
• Issuing liquidity notes with maturities of up to 91 days.