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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.

Turkish Lira Rallies Despite Interest Rate Cut

The Turkish lira rallied today despite the fact that Turkey’s central bank decided to lower its one-week repo auction rate.

Lira Strong Despite Turkey’s Slowing Inflation

The Turkish lira managed to gain today even after Turkey’s inflation slowed more than was expected.

USD/TRY Rises as Tensions Between USA & Turkey Flare

The Turkish lira fell against the US dollar today after geopolitical tensions between the United States and Turkey flared.

Turkish Lira Opens Sharply Lower After Sacking of Central Bank’s Chief

The Turkish lira opened sharply lower today compared to the Friday’s close after the news that Turkish President Recep Tayyip Erdogan sacked central bank’s governor Murat Cetinkaya, giving the office to his deputy instead.

Slowing Inflation & Prospects for Interest Rate Cuts Don’t Prevent Turkish Lira from Rising

The Turkish lira rose today despite slowing inflation and prospects for interest rate cuts from the nation’s central bank.

Turkish Lira Rallies After Central Bank Hikes Policy Rate

The Turkish lira gained today after the nation’s central bank increase some of its interest rates and talked about possibility of more hikes in the future.

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