Last week, Turkey's central bank had published data showing that its gold and foreign exchange reserves dropped more than $2 billion for the week ending March 22.
Ahead of the weekend's crucial elections, Turkey's central bank used its reserves to prop up the lira, renewing questions on its independence, said Moody's Ratings Agency which rated the country"credit negative" on Monday.
That comes as a dramatic election in the country took place on Sunday, when Turkey's President Tayyip Erdogan apparently suffered a severe setback as his ruling AK Party lost control of the capital Ankara for the first time in local polls after 25 years in power. The lira remained weakened, trading at 5.61 to the dollar as results came in, before settling at levels above 5.57 on Monday.
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