Turkey’s Central Bank Makes Historic Move to Curb US Dollar’s Rise

This photo taken n January 16, 2011 showAs the US Dollar tested 2.414 record-high level against Turkish Lira on Tuesday, Turkey’s Central Bank (CBRT) made a crucial move to curb the demand for the Dollar.

The Central Bank announced that together with the Treasury, it will start meeting the foreign exchange demands of the state enterprises that are importing energy from abroad. The Bank’s new practice will come into effect starting on December 17.

The monthly foreign exchange demand of Turkish energy importing state enterprises is around $1 billion, according to a news article of the Turkish economy website BloombergHT. This implies that the Central Bank’s new move will cut the monthly demand for US Dollar by $1 billion and thereby relieve the markets.
Amid domestic political tensions and global downtrend in markets, the USD to Turkish Lira rate tested 2.395 level on late Monday pursuing a downtrend to 2.35 level on Tuesday morning. However, the rate gradually increased to 2.41 during the day.

Following the Bank’s announcement, the Turkish Lira recovered to around 2.37 exchange rate, and Turkey’s stock exchange Borsa Istanbul’s the BIST-100 Index bounced back slightly to 79,830.96 points.

5 Comments

  • permainan judi di internet Reply

    26 January 2021 at 06:13

    Nice post. I learn something totally new and challenging on websites I stumbleupon everyday. It’s always interesting to read keuntungan bermain slot online articles from other authors and use something from other sites.

  • panduan lengkap main poker Reply

    05 February 2021 at 10:03

    Spot on with this write-up, I seriously feel this website needs far more attention. cara bermain dingdong sicbo I’ll probably be returning to read more, thanks for the information!

  • taruhan over under Reply

    12 February 2021 at 00:15

    Spot on with this write-up, I really think this web site needs much more attention. judi capsa susun I’ll probably be returning to see more, thanks for the advice!

  • membuka situs ini Reply

    19 February 2021 at 02:56

    May I simply say what a comfort to uncover someone who really knows strategi bermain poker This web site is one thing that is needed on the internet, someone with a little originality!

  • selebihnya Reply

    25 February 2021 at 04:53

    May I simply just say what a relief to find an individual who actually understands cara bermain judi bandarq This website is something that’s needed on the web, someone with some originality!

Leave a Comment