Turkish lira plunges, official says banks have begun providing liquidity again GlobeBusiness
Turkish lira banknotes are pictured at a currency exchange office in Istanbul, Turkey, on Aug. 13, 2018.The Turkish lira dived 5 per cent against the dollar on Thursday as a senior official said banks had started providing the currency to the London market again, after several days of the authorities withholding liquidity to underpin the currency.
But the lira weakened as far as 5.6465 per dollar from 5.33 on Wednesday. Last year, it plunged almost 30 per cent against the dollar. As of 1105 GMT, it had clawed back some of its losses to 5.5950.Rabobank emerging market forex strategist Piotr Matys said the market was braced for a volatile week for the currency after local elections on Sunday.
Erdogan said on Thursday that the recent volatility in the lira stemmed from currency attacks by the United States and other Western countries and that Turkey must cut interest rates so that inflation falls, a view that counters that of many economists.The central bank has taken a series of steps to underpin the lira this week, and bankers said it took one more on Thursday, raising its total lira swap sale limit to 30 per cent from 20 per cent for swap transactions that have not matured.
Central Bank Governor Murat Cetinkaya said on Thursday the bank continued to strengthen its reserves “decisively,” state-owned Anadolu news agency reported.
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