Turkey State Banks Sold $5 Billion to Back Lira After Ruling

Turkish state lenders sold an estimated $5 billion to support the lira on Tuesday and Wednesday in an effort to stem a selloff sparked by a court ruling targeting senior opposition figures.

The state-owned banks sold most of that amount on Tuesday, according to traders familiar with the sales who asked not to be named, citing company policy. The sales came as traders looked to unload liras on increased political tensions, after an Istanbul court invalidated appointments in the city by the main opposition Republican People’s Party, or CHP, and replaced them with trustees.