Turkey spent approximately $12 billion in foreign currency reserves in a single week to prevent the lira from collapsing, according to Bloomberg and other financial outlets reporting on March 6, 2026. The move was a direct response to the outbreak of military conflict between the United States, Israel, and Iran, which triggered panic across emerging markets when global trading opened on Monday, March 2. The $12 billion figure represents roughly 15 percent of Turkey's net foreign currency reserves excluding swaps.
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