Turkey's central bank sold around $7-8 billion in forex in an attempt to stabilise financial markets amid regional war risks. This comes after the United States and Israel launched attacks on Iran that killed its Supreme Leader Ali Khamenei, leading to an increase in energy prices. The central bank's policy interest rate was reduced to 37% in January, but local repo rates are expected to rise to around 40%. JPMorgan now expects the bank to hold rates, while Goldman Sachs has $78 billion in reserves for further FX interventions. The Turkish lira fell to an all-time low against the dollar, but remained largely on a devaluation path.