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 lira briefly fell 15 per cent to near its all-time low on Monday after President Tayyip Erdogan’s shock weekend ousting of a hawkish Central Bank governor sparked fears of a reversal of recent rate hikes.
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.
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