Turkish lira rises in price

Business Materials 12 February 2014 19:40 (UTC +04:00)

Baku, Azerbaijan, Feb. 12
By Rufiz Hafizoglu - Trend:

After the Turkish Central Bank tried to stop further depreciation of the national currency, the exchange rate of the dollar compared to the Turkish lira reduced by up to 2.2024 Turkish lira per U.S. dollar, the Turkish Central Bank reported on Feb. 12.

This figure is the lowest in the last two weeks.

The Turkish Central Bank increased three key interest rates to stop further depreciation of the lira rate on Jan. 28 [the day before the official exchange rate reached a record high - 2.3142 lira].

The weekly repo rate was increased from 4.5 to 10 percent.

Moreover, the Turkish Central Bank increased the rate on loans from 7.75 percent to 12 percent, while the rate on deposits went from 3.5 to 8 percent.

Earlier, the Turkish Central Bank injected $2 billion to preserve the Turkish lira rate at a stable level, but the attempt was unsuccessful.

A dollar rate increase is being observed in Russia, Kazakhstan [after the National Bank refused to maintain the tenge rate compared to $1] and in Latin America.

Translated by NH

Edited by CN