On Friday, the Turkish central bank raised interest rates in its lira swap operations to 11.75% from 10.25%, continuing additional tightening steps in the face of a weaker lira after it surprisingly increased the main interest rate last month.
After raising the interest rate in its swap operations, the lira rose to about 7.90 against the US dollar from the record low of 7.9550 that it recorded earlier, and then soon the Turkish currency fell to 7.9375.
Last month, the bank raised the key interest rate by 200 basis points to 10.25%, after it resorted to indirectly tightening its policy for weeks to support the lira, which fell to an all-time low.
The interest rate hike pushed the weighted average cost of financing to 11.56% by Thursday from a low of 7.34% in July. (Reuters)
These were the details of the news The Turkish lira is falling again after raising interest for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.
