5 minutes agoTurkey reverts to US, delivers these shocks
Periskopi(8 years ago)
(8 years ago)Turkey doubled the tariffs for several American imports, including alcohol, cars and tobacco, in retaliation for US movements, but the lira again gained ground against the dollar, influenced by central bank liquidity movements. Ankara acted amid increasing tension between the two NATO allies over the ban on an American Christian pastor [...]
Ankara acted amid mounting tension between the two NATO allies, over the ban on an American Christian pastor and other diplomatic issues that have helped drop the Turkish currency against the dollar.
The currency has lost about 40 per cent against the dollar this year, driven by concerns over President Tayip Erdogan's growing influence on the economy and his repeated calls for lower interest rates despite high inflation.
Free was restored about 6 percent today to the dollar, as the Central Bank squeezed the liquidity of the market, effectively promoting rates and supporting currency.
Optimism for better relations with the European Union after a Turkish court issued two Greek soldiers pending trial and a step of bank supervision to limit exchange transactions have also helped the lira.
