The Turkish lira weakened more than 1 per cent against the dollar early on Tuesday after the United States halted delivery of equipment related to the F-35 fighter aircraft to Turkey.
The Turkish lira eased to 5.62 against the dollar early on Wednesday, remaining under pressure after weakening a day earlier as the United States halted delivery of equipment related to a Turkish order of F-35 fighter planes.
The Sharjah Airport on Thursday received Turkish Airlines’ inaugural flight from Istanbul. Starting in April, the airline will operate a daily flight to Sharjah from Istanbul’s new airport. The aircraft was welcomed with a traditional water salute, and a reception was held for the airline’s officials in the presence of Ali Salim Al Midfa, Chairman of Sharjah Airport Authority,
The Turkish lira weakened on Tuesday after the central bank lowered the swap market lira interest rate and held a repo auction for the first time in nearly two weeks, reversing a policy tightening step it had taken to support the currency. A currency crisis last year wiped nearly 30%
Turkey’s Treasury ministry is working on legislation to transfer the central bank’s 40 billion lira ($6.6 billion) in legal reserves to the government’s budget to shore it up, three economic officials told Reuters. The budget deficit is deeper than expected, said the sources,
Turkish state banks sold more than $1 billion, sources said, helping the lira to firm more than 2 per cent at one stage and stem declines triggered by a decision this week to re-run Istanbul’s mayoral election. The lira traded at 6.0975 at 1315 GMT, up from Thursday’s close of 6.1935. The currency rose to 6.0515 against the US dollar in overnight Asia trade.
Turkey’s relatively low debt levels and experience at riding out financial market turbulence is helping its credit rating withstand the country’s current coronavirus
By deploying Turkish troops in the Arab world, the most dangerous man in this region, Turkey’s President Recep Tayyip Erdogan is following the bad example of “the most dangerous man in the world,” Donald Trump.
Turkey’s central bank cut its policy rate by 50 basis points to 8.25% as expected on Thursday, taking advantage of recent lira strength to keep supporting an economy that it said may be emerging from the worst of the coronavirus pandemic.
The Turkish lira plumbed more record lows on Monday, touching 7.6 against the dollar, as expectations grew that the central bank would keep its key interest rate steady this week but continue to tighten credit via other measures.