Dollar continues upward against the Lira, central bank ready to reduce market volatility

Dollar is trading at all time high in the exchange markets against the Turkish Lira. The Turkish lira fell to 7.32 against the dollar at 11:30 a.m. local time, passing the previous all time low of 7.26

volatility in the international markets, the continues spreading of coronavirus, low tourism in local Turkish markets and no improvements in international trades have affecting many currencies.

According to Daily Sabah “The Central Bank of the Republic of Turkey (CBRT) on Thursday said it was ready to use all available instruments to reduce the excessive market volatility amid high fluctuations in the exchange rates.

In a written statement, the bank said fiscal and monetary policies had been successful in containing the effects of the coronavirus pandemic on the economy and maintaining the productive capacity in Turkey.

Adding that it was closely monitoring price developments in the market, it pointed out that recent figures suggest that economic recovery from the pandemic’s effects had gained pace.”

via: Daily Sabah

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