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

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