North Cyprus News | Online News for North Cyprus

Turkish central bank shores up lira

Turkish central bank shores up lira

January 23
14:14 2014

In an effort to shore up the ailing Turkish lira, Turkey’s central bank has intervened in the foreign exchange markets, selling dollars amid new lows.

In a brief statement issued today, the central bank said that because of “unhealthy price occurrences”, it was intervening, however, it gave no further details.

Earlier on the lira fell to an all-time low of 2.28 against the dollar, recovering slightly to 2.26 after central bank intervened.

The lira has been weakening steadily amidst political upheaval in Turkey, following a bribery and corruption scandal involving people close to Prime Minister Erdogan.

Some observers say that it was government pressure that influenced the decision taken against increasing the interest rate to prop up the weakening lira.

 

Local Weather

Kyrenia, Cyprus
12°
14°
Fri
16°
Sat
16°
Sun
17°
Mon
Weather from OpenWeatherMap

Lira Exchange Rates

USD
USD
3.8036
EUR
EUR
4.6469
GBP
GBP
5.2760

Upcoming Events

  1. Whirling Dervish

    January 18
  2. Famagusta Market

    January 18
  3. Whirling Dervish

    January 19
  4. North Nicosia Walking Tour

    January 19