Arab Today, arab today turkish lira falls despite bank action
Last Updated : GMT 15:04:32
Arab Today, arab today
Arab Today, arab today

Syria unrest affects confidence

Turkish lira falls despite bank action

Arab Today, arab today

Arab Today, arab today Turkish lira falls despite bank action

Turkish liras counted at an Istanbul stock-exchange office
Ankara – Arab Today

Turkish liras counted at an Istanbul stock-exchange office Ankara – Arab Today The Turkish lira fell further against the dollar on Wednesday, despite assurances by the central bank and amid tension over Syria. The lira fell to 2.06 to the dollar in initial trading, then rallied slightly to 2.0527, from 2.0382 at Tuesday\'s close. The Istanbul stock market fell by 1.52 percent, having already dropped by 4.73 percent at Tuesday\'s close, 1.24 percent on Monday and by 6.0 percent last week. Assurances from the head of the central bank Erdem Basci that the lira could rally to 1.92 to the dollar, or even stronger, at the end of this year did not convince the markets. After Basci\'s comments, the dollar surged over 2.03 percent. However, the yield on 10-year government borrowing bonds went down and ended the day at 9.82 percent. The yield on 10-year government bonds surged to 10.58 percent last week on the secondary market. The prospect of war in neighbouring Syria is also weighing on sentiment. Foreign Minister Ahmet Davutoglu said in remarks published on Monday that Turkey would join an international coalition against Syria even if the UN Security Council failed to reach a consensus. On Tuesday, Basci ruled out any increases in interest rates but signalled that the bank would take bold action to defend the lira by using its official reserves. It has said that the bank has a war chest of about $40 billion, and it is estimated that previously that bank has spent at least $8.0 billion in attempts to support the lira. He said that the pressure on lira was temporary, giving clear signs that the bank would defend the currency aggressively, according to analysts. Turkey is being battered by an exodus of capital from emerging economies in Asia, Latin America, Russia and South Africa as investors pull out some funds after signals of a tightening of US monetary policy. But analysts say its economy is fragile because its dependence on credit and worrying deficit on the balance of payments on current account. Source: AFP

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today turkish lira falls despite bank action Arab Today, arab today turkish lira falls despite bank action

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims

GMT 06:51 2017 Saturday ,18 February

Blames government for economic crisis

GMT 06:35 2017 Saturday ,18 February

MP calls for re-operating closed companies

GMT 13:35 2017 Friday ,17 February

Confirms Britain is biggest investor in Egypt

GMT 15:55 2017 Thursday ,16 February

Egyptian foods completely unobserved nor healthy

GMT 11:18 2017 Wednesday ,15 February

Reveals plan to get out of financial crisis

GMT 12:33 2017 Tuesday ,14 February

Yemeni accuses militias of challenging oil

GMT 18:07 2017 Monday ,13 February

Over 3000 workers lost their jobs
View News in Arabic - Business: أخبار الاقتصاد
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday