The Turkish lira continues to record gains

The Turkish lira continues to record gains
The Turkish lira continues to record gains

The Turkish lira continued its rally and gained 3% today after Turkish President Recep Tayyip Erdogan said the government and central bank would provide guarantees for some local currency deposits in exchange for foreign exchange losses.

By 06:00 GMT, the Turkish currency recorded 11.7 lira against the dollar, rising from the closing level yesterday, Wednesday at 12.05, to stabilize after record fluctuations this week.

The lira hit an all-time low of 18.4 against the dollar last Monday before changing course and rallying after the rescue plan was announced.

Erdogan took a series of steps on Monday to ease the burden on the declining currency and put it on the treasury, urging Turks to stick to the lira rather than the dollar.

Official data revealed that more than half of local deposits are in foreign exchange and gold due to the lack of confidence in the lira after years of its devaluation and the decline in the credibility of the central bank.

Source: Reuters

Follow RT onRT

These were the details of the news The Turkish lira continues to record gains 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.

PREV PIF-Aramco shipping JV Bahri to issue sukuk worth $1bn
NEXT Mall operator Al Othaim plans IPO of 30% stake on Saudi stock market 

Author Information

I am Jeff King and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions. I am the driving force behind Al-KhaleejToday.NET with a vision to broaden the company’s readership throughout 2016. I am an editor and reporter of “Financial” category. Address: 383 576 Gladwell Street Longview, TX 75604, USA Phone: (+1) 903-247-0907 Email: [email protected]