But Turkish Cypriots cannot abolish the Turkish lira
in the north altogether.
Sancak primarily provided 540 million Turkish lira
but his company investment company ES Mali Yatirim increased the offer after negotiating with the auction commission.
So, by the end of March, the central bank was very comfortable with the levels of both the nominal and real exchange rates since there was room for a limited decrease of the nominal exchange rate, allowing some appreciation of the Turkish lira
. Nonetheless, by the end of April the real exchange rate index reached 108 due to two evolutions.
Turkish Cypriot 'prime minister Tufan Erhurman will reportedly travel to Ankara within the week to meet with Turkish President Recep Tayyip Erdogan to discuss the measures taken to offset the downfall of the Turkish Lira
He added: The value of the Turkish Lira
in this date last year was equal to 350 Lira per hundred dollars.
The Turkish Lira
's steep decline in recent months will likely imply worsening asset quality and growth in risk-weighted assets (RWAs) that will become pressure points for Turkish financial institutions, says Moody's Investors Service.
Turkey's Treasury auctioned 7.2 billion Turkish Liras
($3.3 billion) in 3 bond auctions in a test of investors' demands for Turkish assets after the ruling AK Party's municipal elections victory.
17, the date the probe scandal became public, the Turkish lira
lost 12 percent of its value.
The rapidly declining Turkish lira
has led to an emergency meeting being called by the central bank in Turkey.
"The Turkish lira
is seemingly under added pressure due to heightened tension in Syria," said a note from Ekspres Invest.
According to Shavasb Bohjdalian, CEO of Eurivex, a company that offers trading platforms that include the Turkish lira
, the Turkish lira
has dropped by 18.8% so far against the euro this year and by 15.5% against the dollar.
M2 EQUITYBITES-May 24, 2011--KfW boosts Turkish lira
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