Central banks intervene in foreign exchange markets despite the empirical studies suggesting that these intervention operations do not systematically alter the exchange rates. Since the Turkish lira was floated in February 2001, the Central Bank of the Republic of Turkey (CBRT) has engaged in...

This study examines the within-country market efficiency of the Turkish foreign exchange markets on the basis of the forward rate unbiasedness hypothesis, in case of the Turkish lira/US dollar and the Turkish lira/Euro for the period February 5, 2005 through July 26, 2013 by Johansen...