This has steadied the lira
on occasions but the respite has been short-lived each time and the currency has lurched down further.
Economy Minister Zafer Caglayan, a vocal supporter of low interest rates and champion of Turkish exporters, who benefit from a weak lira
, said the central bank did not need to intervene to support the currency, saying the 2 to the dollar level it breached on Tuesday was only a psychological barrier.
I am excited to be a part of their expansion and this is directly in line with my passion and desire to see Africa rise and shine on the global stage," said Lira
The transition to the New Turkish Lira
is a historic turning point in restoring the prestige of our currency and our country in the international arena,' central bank chief Sureyya Serdengecti told reporters earlier this year.
is now floating, and Turkey should be encouraged to accept the market-determined rate or adopt another economically stable currency, such as the euro.
True, sources like Marin Mersenne's Harmonie universelle (1636) continued to include the lira
well into the seventeenth-century, but in reality the instrument was falling out of favor well before the end of the previous-century, and the great majority of depictions, in fact, date from the first half of the sixteenth-century.
has plunged to record lows on multiple occasions this year.
Already hammered this year by expectations that the Fed would begin to stem a flood of dollars that has boosted global emerging markets, the bank has sold dollars regularly to prop up the lira
and stop domestic inflation from getting out of hand.
weakness has triggered forex losses for firms including Turkish Airlines and Turk Telekom.
We will strongly defend the value of the Turkish lira
The Turkish Lira
has dropped close to record lows, hovering at TRY2 to a dollar, despite the best efforts of the country's central bank to stem the fall.
Turkey's central bank moved on Friday to cool down red-hot loan growth by raising banks' lira
reserve requirements, a day after it slashed overnight borrowing rates to deter speculators betting on currency appreciation.