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The Turkish lira lost up to 5% against the dollar on Thursday as investors continue to worry about measures being taken by the Turkish authorities to block the local currency's liquidity in the London market.
The central bank took a series of measures to support the lira this week and bankers have announced a further step forward, raising the ceiling of its total sales in local currency swaps from 20% to 30% for sub-trade. evaluated.
The central bank raised the ceiling of 10% Monday to 20%, which aimed to increase foreign exchange reserves, which fell sharply in the first two weeks of March.
These declines have raised crucial issues regarding the Turkish balance of payments, the country 's ability to expand its external debt and the way in which it will seek emergency reserves if needed and in any respect.
The Turkish lira weakened to 5.6465 against the dollar, against 5.33 on Wednesday.
The Turkish lira lost 30% of its value against the US dollar last year.
The day – to – day barter rate in London has fallen to 180% today, after reaching 1,200% on Wednesday, its highest level ever, economists said, a level that has not helped. is more based on trade.
These prices are a significant obstacle for foreign investors wishing to rely on the lira to hedge or close positions, and then sell their holdings of Turkish stocks and bonds that have come under enormous pressure this week. (Reuters)
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