Turkey has means to curtail currency shifts: President

Wed 23 May 2018 19:51 GMT | 23:51 Local Time

Text size: bigger smaller
W1siziisijiwmtgvmduvmjmvmjmvntmvmzivmzgwnmu1mjitmjc4ni00zmyyltgyn2etmda4mtzhnde0ogm2lzu0ndqynmmzzdc4nzjhngzmyzdmmjdhytdkmwyzytnilmpwzyjdlfsiccisinrodw1iiiwimzywedi3mcmixv0?sha=2f449707be2dd219

Turkey has means to curtail the currency fluctuations in the short term, President Recep Tayyip Erdogan said on Wednesday, APA reports quoting Anadolu Agency.

"The exchange rate fluctuations are due to global factors and are not related to Turkey alone," Erdogan said in a meeting with former lawmakers during an iftar (fast-breaking) meal in Ankara.

Erdogan also underlined that partial currency fluctuations were not in line with the economic realities of Turkey.

Earlier on Wednesday, the Turkish Central Bank announced an increase of late liquidity window interest rates by three percentage points. The borrowing rate was kept at 0 percent while the lending rate was increased from 13.50 to 16.50 percent.

The bank's move came after the U.S. dollar/Turkish lira exchange rate hit a historic high on Wednesday, climbing to around 4.93. Following the bank's decision, the dollar/lira rate fell steeply to below 4.60.

In the beginning of the year, the USD/TRY rate was 3.78 while the average rate was 3.65 last year.

News.Az

Printer

Commentary

Most read articles

More from Turkey

In The Region

Editor Picks

Azerbaijan Cuisine

Explore the food of Azerbaijan - from sherbet to succulent kebab, from baklava to fragrant pilaff

Follow us

Find us on Facebook

Real estate