Deutsche Bank MO-10. due to ongoing sales to BOTAS and markets and there is no quick fix 3 2 1 0 1 -2 -3 -4 -5 -6 USDbn Feb 15 Jul 15 Jun 13 USDbn Nov 13 Apr 14 Sep 14 Contribution

es of severe market stress the CBRT directly intervene by selling USD to the market. Since December 2014, the CBRT has been selling FX directly to BOTAS, the state energy importer, on a monthly basis to avoid undue volatility in the FX market. Since January 2017. the Bank has also been conducting o