Turkish Markets Vulnerable After Fed Tapering
By Yeliz Candemir
ISTANBUL--Turkey's markets were volatile Thursday after the U.S. Federal Reserve decided to start scaling back its monthly bond purchases, a move which initially prompted a selloff in Turkish assets and forced the central bank in Ankara to take action.
Turkey's central bank said it will sell on Dec. 23 a minimum $250 million, up from $100 million previously, as part of additional tightening to support the lira. Ankara's move followed the Fed's decision Wednesday to taper by $10 billion its bond-buying program, which had helped flood emerging markets like Turkey with cash, as the recovery in the world's largest economy gains traction.
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