Around $4-5 billion from Turkey's central bank reserves sold in last two days, traders say

Around $4-5 billion have been sold from Turkey's central bank reserves in the last two days, traders said on Wednesday, after a court removed the main opposition's Istanbul provincial head in a crackdown on President Tayyip Erdogan's opponents.

The ruling, which the main opposition Republican People's Party (CHP) says is unlawful, triggered sharp drops in markets, with Turkish stocks XU100 tumbling on Tuesday and continuing their fall on Wednesday.

The central bank did not immediately comment.