Turkish state banks support the lira after Erdogan’s rescue plan

Turkish state banks support the lira after Erdogan’s rescue plan
Turkish state banks support the lira after Erdogan’s rescue plan

Reuters quoted “informed” sources as saying that Turkish state banks have taken measures to support the lira as part of a plan by Turkish President Recep Tayyip Erdogan to protect deposits aimed at curbing the currency crisis.

Four sources told the agency that the Turkish state banks, “Ziraat Bank”, “Waqf Bank” and ” Halkbank”, sold the dollar excessively this week to support the lira.

The sale coincided with a decrease in foreign reserves in the central bank, according to official data and a dealer who told Reuters that they fell by $6 billion on Monday and Tuesday alone.

Another source, a senior banking advisor to the agency, stated that government bank interventions on Monday and Tuesday totaled $3 billion, while two other sources, including a senior Turkish official, said the interventions were intense and extended toward the end of the week.

The Turkish lira continued its recovery against the dollar, today, Thursday, achieving an increase of 44.2 percent, to reach the level of 10.2520 against the dollar.

The recovery comes after Erdogan announced, on Monday, a new financial tool that allows achieving the same level of potential profits for savings in foreign currencies by keeping assets in lira.

And the Turkish lira reached its lowest level last week, falling to 18.3674 against the dollar.

Source: “Reuters” + “Anatolia”

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On: Friday – December 24, 2021

Reuters quoted “informed” sources as saying that Turkish state banks have taken measures to support the lira as part of a plan by Turkish President Recep Tayyip Erdogan to protect deposits aimed at curbing the currency crisis.

Four sources told the agency that the Turkish state banks, “Ziraat Bank”, “Waqf Bank” and ” Halkbank”, sold the dollar excessively this week to support the lira.

The sale coincided with a decrease in foreign reserves in the central bank, according to official data and a dealer who told Reuters that they fell by $6 billion on Monday and Tuesday alone.

Another source, a senior banking advisor to the agency, stated that government bank interventions on Monday and Tuesday totaled $3 billion, while two other sources, including a senior Turkish official, said the interventions were intense and extended toward the end of the week.

The Turkish lira continued its recovery against the dollar, today, Thursday, achieving an increase of 44.2 percent, to reach the level of 10.2520 against the dollar.

The recovery comes after Erdogan announced, on Monday, a new financial tool that allows achieving the same level of potential profits for savings in foreign currencies by keeping assets in lira.

And the Turkish lira reached its lowest level last week, falling to 18.3674 against the dollar.

Source: “Reuters” + “Anatolia”





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