This study examines the effects of the Central Bank of the Republic of Turkey’s foreign exchange interventions via auctions on the level and volatility of the Turkish lira/US dollar exchange rate between February 02, 2009 and January 31, 2014 with daily data. In order to study the impact of interventions on the Turkish lira, this study employs the Exponential GARCH (1,1) framework. | An evidence for ineffectiveness of central bank foreign exchange interventions from Turkey
