Turkish Lira Drops to Lowest Level in Decades

 

The Turkish lira oscillates with a new lending prohibition that will impact thousands of businesses. After the country’s banking authority declared a prohibition on lira loans to enterprises holding what is considered too much foreign currency, Turkey’s currency, the lira, experienced a much-appreciated boost on Monday and the prior Friday.

The lira had gained around 8% in only two days by the time trade opened on Monday in Istanbul; it was trading at 16.01 to the dollar, up from Thursday’s closing of 17.35. However, by late Monday afternoon, it had partially reversed those gains, dropping slightly to 16.5 liras for every dollar after oscillating between 16 and 17 liras.

The actions show that investors have mixed feelings about the new loan ban, which states that for corporations in Turkey to obtain commercial lira loans, they must sell a sufficient amount of their foreign exchange to purchase lira. This helps support the struggling currency, which has lost about half its value in the past year.

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