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Posted on: Tuesday, December 28, 2021 – 7:41 AM | Last update: Tuesday, December 28, 2021 – 7:41 AM
According to “Bloomberg” news agency, the price of the lira fell today by 6% to 11.3399 liras per dollar in noon trading, to reduce its morning losses, which amounted to 7% when it recorded 11.5162 liras per dollar at 9:17 am Istanbul time.
With its decline today, the Turkish currency lost more than 34% of its value since the beginning of this year, to become the most declining currency among the currencies of emerging economies during 2021.
The lira’s decline today came after Turkish President Recep Tayyip Erdogan’s statements last Friday about stabilizing the lira “gradually” after the measures announced by the government last week to support the currency, including guaranteeing deposits in the local currency against exchange rate fluctuations.
The Turkish lira recorded a remarkable recovery during the past days, amid improved sentiment, supported by the government’s announcement of a new tool to protect Turkish lira depositors from exchange rate fluctuations.
The new Turkish financial instrument allows depositors to realize the same level of potential profits as savings in foreign currencies by keeping assets in Turkish lira.
At the same time, the Turkish Central Bank data indicated that the Turkish authorities intervened in the exchange markets to limit the decline of the lira, which led to its appreciation of 54% against the dollar during the past week, recovering its losses that amounted to 15% in the previous week.
For his part, Ibrahim Aksoy, chief economist at the British bank HSBC Holdings in Istanbul, said in a note to the bank’s clients that if the value of potential foreign currency sales by the Turkish Central Bank declines, the dollar will rise again.
This comes as official data published by the Central Bank of Turkey showed today, Monday, the high rate of utilization of the capacity of production facilities for manufacturing industries in December on a monthly basis.
The Turkish Anadolu Agency reported that a survey conducted by the bank showed that the rate rose by 0.6 percent to 78.6 percent this month, compared to November.
In detail, the largest growth in the rate of utilization of productive capacity was for intermediate goods, reaching 80.3 percent, while it was at the lowest level in consumer durables, at 73.3 percent.
It should be noted that the data is based on the responses the bank receives from local manufacturing units to its survey of business trends.
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