• Հայ
  • Eng
  • РУС
  • Az
UN is ready to provide assistance to population displaced from Nagorno-Karabakh UN is ready to... 00:53
September 26 in 60 seconds September 26 in 60 seconds 21:06
September 25  in 60 Seconds September 25 in... 20:37
  • Programs
  • World
  • Health
  • Political
  • Economic
  • Public
    • National security
  • Law
  • Investigation
  • Army
    • Eye on the border
  • Nagorno Karabakh
  • State of emergency
  • Regions
  • Nagorno Karabakh under attack
  • Diaspora
  • Cultural
  • Sport
  • Region
Lira plunges 7% as Turkey edges towards free market
Economic
19:4607 Jun, 2023

Lira plunges 7% as Turkey edges towards free market

Turkey's lira plunged 7% to a record low on Wednesday in its biggest selloff since a historic 2021 crash, a move traders said is a "strong signal" that Ankara is moving away from state controls toward a freely traded currency, Reuters reports.
 
The currency has come under increasing pressure since President Tayyip Erdogan was re-elected on May 28. It was trading at 23.18 against the dollar at 1500 GMT, after touching a record low of 23.19, bringing its losses this year to around 20%.
 
Under Erdogan's unorthodox programme, authorities have taken a hands-on role in foreign exchange markets, using up tens of billions of dollars of reserves this year alone to hold the lira steady. The central bank's net forex reserves hit an all-time low of negative $4.4 billion last month as demand surged through the elections.
 
But Erdogan signaled a u-turn at the weekend when he named Mehmet Simsek, a former deputy prime minister who is well regarded by foreign investors, as finance minister. Simsek later said economic policy needed to return to "rational" ground and on Wednesday said there were "no quick fixes" for policy.
 
Four traders said the decline in the central bank's forex and gold reserves had stopped as of last week, and could begin to recover, along with signs of the change in forex policies.
 
Though many regulations need to be changed, "the destination is becoming clearer every day: We are going towards the lira's value being determined by market conditions," one trader said.

 

Views 63
facebook icon twitter icon

Related News

  • Turkey’s New Foreign Minister to Pursue Thaw With Arab World, Bloomberg 16:5206 Jun, 2023 Turkey’s New Foreign Minister to Pursue Thaw With Arab World, Bloomberg Political
  • Turkish lira slips, stocks, bonds gain after Simsek appointment 14:5905 Jun, 2023 Turkish lira slips, stocks, bonds gain after Simsek appointment Public
Հիմա եթերում
News
  • As of 11:00 a.m., 237 people transported to Armenia's medical institutions: 142 of them by helicopter, 95 by ambulances 11:3527 Sep, 2023
  • Azerbaijanis shot in direction of Charektar monastery 10:1327 Sep, 2023
  • US will provide additional humanitarian aid for medical and other urgent needs of those forcibly displaced from Nagorno-Karabakh 09:3827 Sep, 2023
  • France will soon open a consulate in Syunik: Catherine Colonna 01:0027 Sep, 2023
  • UN is ready to provide assistance to population displaced from Nagorno-Karabakh 00:5327 Sep, 2023
  • US Deputy Under Secretary of Defense for Policy had telephone conversation with Zakir Hasanov 00:3227 Sep, 2023
  • Bodies of 3 soldiers and 2 civilians found in area of Chankatagh and Vardadzor: State Emergency Service of Ministry of Internal Affairs of Nagorno-Karabakh 23:0126 Sep, 2023
  • As a result of explosion in fuel warehouse, number of citizens whose fate is unknown is 105: Nagorno-Karabakh Ombudsman 22:4626 Sep, 2023
  • Blinken and Aliyev discussed situation in Nagorno-Karabakh 22:3526 Sep, 2023
  • As of 20:00, 28,120 forcibly displaced persons entered Armenia from Nagorno-Karabakh 21:2526 Sep, 2023
  • September 26 in 60 seconds 21:0626 Sep, 2023
  • France sends emergency equipment to Armenia to treat injured from Nagorno-Karabakh 19:5626 Sep, 2023
  • We call for unhindered humanitarian access so critical medical aid to those still fighting for their lives, OSCE North-Macedonian charimanship 19:4026 Sep, 2023
  • ICRC sends ambulances, medical supplies to assist victims of Stepanakert explosion 19:2726 Sep, 2023
  • EU facilitates meeting between Armeni Grigroyan and Hikmet Hajiyev 19:0526 Sep, 2023
  • Urgent need for unimpeded international humanitarian access to Nagorno-Karabakh, Borrell 17:3726 Sep, 2023
  • EU provides €5 million in humanitarian aid for Nagorno-Karabakh 17:0526 Sep, 2023
  • Congressman Smith introduces legislation to prevent further atrocities and ethnic cleansing in Nagorno-Karabakh 17:0226 Sep, 2023
  • 19,000 forcibly displaced persons from Nagorno-Karabakh enter Armenia 16:5226 Sep, 2023
  • US to provide 11,5 million USD for forcibly displaced persons from Nagorno-Karabakh, Samantha Power 16:1526 Sep, 2023
  • Ambulances from Armenia head to Stepanakert to evacuate victims of fuel depot blast 14:4026 Sep, 2023
  • Sweden allocates 15 million SEK for needs of Nagorno-Karabakh people, Ambassador 14:2326 Sep, 2023
  • This is a classic case of ethnic cleansing implemented by Azerbaijan in 21st century, Marukyan 13:5926 Sep, 2023
  • Samantha Power arrives in Goris, Syunik 13:2426 Sep, 2023
  • Blatant ethnic cleansing in Nagorno-Karabakh calls for tough EU sanctions, Verhofstadt 12:2526 Sep, 2023

All rights reserved

© 2022 1lurer.am

26, G․ Hovsepyan Str., Yerevan, Nork 0011

+374 10 650015