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Mubasher: The Turkish currency rose against its US counterpart on Monday, making it the third consecutive daily gain since a sharp drop in interest rates.
The Turkish central bank lowered its interest rates by 425 basis points (4.25%) following a surprise decision by markets that expected a 200 basis point cut.
The decision to reduce interest rates in Turkey to 19.75% instead of 24% after the dismissal of the governor of the Central Bank a few days before the meeting and his replacement by MP Murad Oisal.
Despite the sharp reduction in the interest rate, President Recep Tayyip Erdogan is demanding further cuts over the next period of the year, noting that the market reaction has proved the validity of the decision.
Geopolitical tensions between the United States and Turkey are still causing the agreement on the purchase of S-400 missiles to Russia, making Ankara vulnerable to US sanctions.
In a move that took place for the first time in three weeks, Turkey's cash reserves declined during the week ending July 19.
The Turkish economy has recently recovered, according to a number of positive indicators released to break the recession.
At 10:05 GMT, the Turkish lira rose more than 0.4% against the US dollar, registering a greenback of 5.66435 pounds after rising about 1% earlier in the session.
Since the decision of the Turkish central bank last Thursday, the Turkish lira continued to grow, up 0.8% over three days.
Last week, the Turkish national currency gained 1.1% against the US dollar.
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