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Turkish Lira TRY

 

Detailed information and fundamental factors

Central Bank: Central Bank of the Republic of Turkey

Interest Rate: 11.75%

Public Debt to GDP Ratio, 2017: 29.6%

Trade Balance, 2018: -$9 bln.

Inflation, 2019: 15.2%

Sovereign Credit Ratings:

Fitch
BB-
Stable
Moody's
Ba1
Negative
S&P
B+
Stable

Supporting Factors

High-yielding interest rates

strong

Factors of Weakness

High-risk emerging economy

weak

The Turkish lira is the currency of Turkey and the Turkish Republic of Northern Cyprus (recognized only by Turkey). The new Turkish lira was introduced in 2005, dropping 6 zeros from the old lira. Turkey is one of the major world producers of agricultural commodities and steel.



Turkish Lira News Archive

Turkish Lira Gains After Surprise Interest Rate Hike

The Turkish central bank surprised markets today, performing an unexpected interest rate hike. The Turkish lira rallied as a result.

Turkish Lira Falls to a New Record Low Amid Emerging Market Selloff

The Turkish lira plunged to a new record low against the US dollar to finish the trading week, adding to its year-to-date plunge to 28%. The lira joined the broader emerging market currency selloff as the Federal Reserve’s downbeat assessment of the world’s largest economy sent investors into safer assets. Could the lira next test 8.0 against the buck?

Turkish Lira Flat After Crashing to Record Low on Credit Downgrade

The Turkish lira is trading relatively flat against the US dollar on Tuesday. The lira crashed to a record low on Monday after one of the world’s premier credit ratings agencies slapped Turkey with a credit downgrade and geopolitical tensions between Turkey and Greece escalate. After cratering to an all-time low this past spring, does this mean the lira can suffer another record low this year?

Turkish Lira Weakens As Investors Weigh Monetary Policy, Poor Economic Data

The Turkish lira is continuing its downward trend against the US dollar midweek as investors start to weigh the central bank’s policies. The lira faced additional pressure on weakening economic data, including the second-quarter gross domestic product and manufacturing numbers.

Turkish Lira Rebounds Ahead of Key Central Bank Meeting

The Turkish lira is rebounding against the US dollar on Tuesday ahead of a crucial central bank policy meeting. The lira had slumped to a new record low over the government’s response to volatile foreign exchange rates that the private sector warn is destroying commerce in the fragile economy. The lira has been further decimated on dwindling foreign reserves, also supporting Wall Street’s bearish sentiment over the currency.

Turkish Lira Weakens to Two-Month Low As Investors Fear Another Currency Crisis

The Turkish lira is slumping to its lowest level against the US dollar in two months as investors fear that it is poised for another currency crisis. The lira has been steadily rebounding since falling to an all-time low against the greenback, but analysts warn that the fundamentals, from inflation to foreign exchange reserves, do not support its gains. Is another crash going to happen soon?

Turkish Lira Pares Gain As Central Bank Leaves Interest Rates Unchanged

The Turkish lira is struggling for direction on Thursday as the central bank unexpectedly left interest rates unchanged for the first time in a year. Policymakers are ostensibly concerned about ballooning inflation, while analysts are worried about depleting foreign exchange reserves. The lira had bounced initially on the news before trimming its gains, leaving many to wonder where the currency is headed.

Turkish Lira Weakens As Treasury Borrows Millions to Keep Finances Afloat

The Turkish lira is weakening against many of its currency competitors midweek as the government auctions millions in T-bills to keep the government’s finances afloat. The lira, which has come under enormous pressure this year, has stabilized over the last month. But a mix of a financial crisis and the coronavirus pandemic has impacted Turkey’s fragile economy.

Turkish Lira Weakens As May Inflation Spikes

The Turkish lira is weakening against several major currency rivals midweek, primarily caused by the spike in inflation last month that may give policymakers enough fuel to cut interest rates. Investors are also going sour on the lira on Wednesday on new data that suggests the central bank ramped up foreign currency borrowing in April to stabilize the lira.

Turkish Lira Strengthens Ahead of Interest Rate Decision

The Turkish lira is strengthening against several major currency competitors on Tuesday as investors anticipate the central bank to cut interest rates. Forex markets are also optimistic that Ankara can establish swap lines with foreign central banks to mitigate its currency crisis. The lira has been rebounding since it crashed to a record low against the US dollar earlier this month.

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