ISTANBUL: The Turkish Central Bank said on Friday it was directly intervening in the forex market, selling dollars, due to "unhealthy price formations" in exchange rates, after the lira touched a record low of 17.0705 against the US currency.

It was the fifth time the central bank has announced intervention in the currency market this month, selling dollars to slow the lira slide and eating into its already depleted foreign reserves.

After the move, the lira trimmed its losses as far as 16.55 by 1055 GMT. It has lost 55% of its value against the US currency so far this year.