Browse Tag

turkish lira

Turkish lira hits all time low

2 mins read

The FINANCIAL — Turkish lira dropped to record low against dollar as state bank interventions could not reassure investors. The last lowest point was hit in May. Meanwhile, heavy interventions late last week drained the supply of local currency, government-owned lenders flooded the market with foreign exchange, selling at least $2.5 billion. The central bank’s gross currency reserves have dropped by more than a third this year to $49.2 billion as of July 17. The lira tumbled to a record low against the dollar, buckling after Turkey’s central bank spent billions of dollars in a months-long offensive to prop its currency up.  The currency dropped 3.2 per cent…

Read More »

Turkish lira hits all time low

2 mins read

The FINANCIAL — Turkish lira dropped to record low against dollar as state bank interventions could not reassure investors. The last lowest point was hit in May. Meanwhile, heavy interventions late last week drained the supply of local currency, government-owned lenders flooded the market with foreign exchange, selling at least $2.5 billion. The central bank’s gross currency reserves have dropped by more than…