Customers wait for their turn at a currency exchange office in Istanbul on January 23, 2014. (AFP PHOTO/BULENT KILIC)
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The beleaguered Turkish lira recovered from all time lows Thursday after the central bank intervened in foreign exchange markets directly for the first time in two years.The lira tumbled to 3.1061 to the euro and 2.2909 to the dollar in early trade but recovered to 3.0994 and 2.2688 by midday after the central bank action.The Turkish treasury Wednesday sold around $2.5 billion debt through the issue of a 10-year dollar denominated eurobond, the first of the year.The government has insisted that its growth target of 4 percent for this year remains intact, but the European Bank for Reconstruction and Development Tuesday cut its forecast to 3.3 percent.
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