Bloomberg News

Basci Says Foreign Exchange Interventions Spur Volatility

September 30, 2011

(Updates with comment in third paragraph.)

Sept. 30 (Bloomberg) -- Turkish central bank governor Erdem Basci said direct interventions in the currency market increase volatility.

Recent action in Brazil, South Korea and Poland prove that fact, Basci said in response to questions from businessmen and reporters in the northwestern city of Edirne today.

The central bank’s daily sales of dollars for liras are designed to minimize volatility, Basci said. The lira is likely to gain over the next year or two, he said.

--Editor: Aydan Eksin

To contact the reporter on this story: Ali Berat Meric in Ankara at americ@bloomberg.net

To contact the editor responsible for this story: Mark Bentley at mbentley3@bloomberg.net


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