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Reuters
Strong decline of the Turkish lira
The exchange rate of the Turkish lira against the dollar fell sharply Thursday against fears of a repeat of the crisis last year, which coincides with the near date of the local elections in Turkey.
The Turkish currency was traded at 22:28 Moscow time at 5.5779 lira to the dollar, down 4.67% from the previous closing price, according to Bloomberg data.
Financial markets in Turkey have been volatile since last Friday, following signs of declining foreign exchange reserves by the Turkish central bank, suggesting that the authorities are working to raise the lira, the Financial Times reported.
Bloomberg
Evolution of the exchange rate of the dollar against the Turkish lira in 5 years
Investors' concerns over the past few days have increased as authorities prevent them from selling the Turkish currency, he added.
The daily "Sabah Daily" announced that the Turkish power station was to announce the size of its reserves later today.
The Central Bank of Turkey decided today to raise the maximum limit of Lira swap sales from 20% to 30% for barter transactions, with the aim of increasing foreign exchange reserves because it uses the foreign exchange market to increase the effectiveness of cash management in foreign currencies.
The Turkish currency fell on Friday, the worst performance since last August, as the course of the conflict erupted in mid-last year, as a result of a political conflict that erupted between Ankara and Washington in the context of Pastor Branson.
Source: agencies
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