Lira


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Lira

A term for a currency. It derives its name from "libra," which is the Latin word for a Troy pound of refined silver. It formerly was the name of the currencies in a number of states on the Italian peninsula, including Italy, San Marino and the Vatican. It continues to be the name for currencies in Jordan, Lebanon, Syria and Turkey.
References in periodicals archive ?
The moves will free up 10 billion lira, $6 billion, and $3 billion equivalent of gold liquidity in the financial system, the bank said.
"A sizable rate increase by the Central Bank of the Republic of Turkey (CBRT) followed by drastic measures to reduce the fiscal deficit still appears to be the most viable option to re-anchor the lira and pull the country's economy from the brink," said Dean Popplewell, a market analyst at OANDA.
Back to Turkey and its lira. What's quite clear from data extended over the mid-2000s until today is that money supply in Turkey's economy has been on an upward trajectory, even though there weren't foreign direct investments to back up that money supply.
In a DW interview, chief emerging-market economist at SEB AB in Stockholm, Per Hammarlund, spoke about the reasons behind the fall in the lira, Erdogan's claims about a foreign "conspiracy" and call for Turks to change their foreign currency to the lira.
The bank is unlikely to be able to mount a sustained defence of the lira using its foreign currency reserves; these totalled around $92 billion at the end of last year, but analysts' calculations suggest usable levels are around a third of that.
"The huge surge in profit in one year was due to the bank's significant surge in net interest income to 976.39 million lira and hike in net commission and fee income to 98.61 million lira," according to Credit Libanais' weekly bulletin.
The Turkish lira's depreciation will accelerate once the Yellen Fed tightens US monetary policy this autumn.
The lira hit 2.41 during intra-day trading to the dollar before making a slight rebound to 2.37.
The overall credit volume, excluding financials, totalled 1.068 trillion Turkish lira ($499 billion).
Koc Holding posted a 24 percent rise in its first-quarter net profit to 562.1 million Turkish Liras, the Istanbul-based company said in a filing on late May 13.
Yahoo Finance reported on Monday that Turkey had called a crisis meeting regarding its defence of the falling lira, causing analysts to predict a policy U-turn and rate rise.
Global Banking News-January 28, 2014--Emergency meeting to discuss sliding Turkish lira