Turkey’s FX Reserves Loss About $10 Billion in Tariff Rout (1)

The market turmoil triggered by Donald Trump’s tariff plans has probably cost Turkey another $10 billion in foreign-exchange reserves, adding to losses incurred last month amid a domestic political crisis.

Dollar sales by state banks to defend the lira cost between $10 billion to $11 billion since last Friday, according to estimates by two bankers who oversee execution of foreign-exchange trades. The pressure on the currency eased slightly on Thursday after Trump announced a pause on tariffs, they said, asking not to be named because they weren’t authorized to speak publicly.

That explains why the lira has been ...