Turkey’s Central Bank Buys Nearly $10 Billion in FX in Week

The Central Bank of the Republic of Türkiye stepped up its foreign currency purchases this week, accumulating nearly $10 billion in a move linked to improved global risk sentiment following the U.S.-Iran agreement, according to foreign exchange market participants.

Traders told Reuters that the shift reflects a broader improvement in appetite for risk assets across regional markets, which has eased pressure on the Turkish lira and allowed policymakers to rebuild foreign exchange reserves.

The buying activity marks a notable reversal from earlier intervention trends. At the onset of heightened geopolitical tensions, the central bank reportedly sold close to $50 billion in foreign currency during the first month of the Iran conflict in an effort to stabilize domestic markets and contain volatility.

Since then, the policy stance has gradually shifted. Market participants estimate that the bank purchased around $20 billion over the following two months as geopolitical risks began to ease, before accelerating its accumulation pace in June 2026.

The recent operations have been largely steady and consistent, with daily FX purchases recorded throughout the week. On Wednesday alone, net purchases are estimated to have exceeded $5 billion, highlighting the scale of intervention in recent sessions.