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The Turkish lira shrank its losses after approaching 6.8 per dollar

2018-08-31 07:51 am | Resource: News | No Views : 299

 The Turkish lira shrank losses after approaching 6.8 per dollar as the central bank of the Republic of Turkey moved on Friday to reduce the cost of owning deposits in local currency and increasing taxes on foreign exchange savings.

According to local media. This action helped the Lira to shift for the Lira to a positive direction after falling for four days. Yesterday's depreciation came quickly on the back of reports that Erkan Kilimchi, Deputy Governor of the Central Bank of Turkey, will leave office to take up a position in the Turkish Development Bank.

The pressure on emerging-market currencies remains strong with the strength of the fixed dollar, although its rally has recently stalled, but investors have a US Federal Reserve strategy to keep interest rate increases in focus. The Indian rupee and the Argentine peso hit record highs as the Indonesian rupiah was hit hard.

The price of the Turkish lira against the currencies
  • The dollar dropped 0.19% at 7:53 CET, buying 6.6364 Turkish lira after reaching 6.7911.
  • The euro was 0.3% in the red zone at 7.7552 lira, compared to the session high of 7.9232. Yesterday rose to 8.0116.
The pound pegged the dollar and the euro to record highs of 7.0891 and 8.0471 respectively on August 13.

Erdogan: Turkey is working with Russia and Iran in the Idlib crisis

Turkish President Recep Tayyip Erdogan said on Thursday that his country is working closely with Russia and Iran to prevent the "Idleb disaster", local media reported. The Turkish leader added that Ankara was also cooperating with Washington to eliminate extremists from the Syrian city of Manbeg.

"We are working with Russia and Iran to prevent the same calamity that took place in Aleppo in Idlib, and we are also negotiating with the United States on how to purge Syria of the terrorists."

On Monday, Erdogan's office announced that the president would visit Iran on September 7 to meet with the Russian and Iranian presidents to discuss the situation in Syria. This is the second meeting after the two presidents met in Ankara last April. Over the weekend, Erdogan pledged to eradicate terrorism in the region.

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