In a low record against the dollar fell again the Turkish lira, amid a wave of sell offs in emerging markets, just one day after the intervention of the Turkish central bank in the foreign exchange market in order to stem the fall. The pound fell and the rate of 2.3360 per dollar, from 2.3050 late yesterday. Around 17:45 ιτ was at 2,3275.
Within less than one month, from mid to late December, the Turkish lira fell 10% against the dollar, which was attributed to the corruption scandal afflicting the ruling Justice and Development and reducing the volume of policy to stimulate the economy by monetary means holding the U.S. central bank, the Fed. Investors had expected the central institution of Turkey would increase interest rates in order to stem the fall of the Turkish currency.
Although it is not recorded in the afternoon trade, yields on 10year Turkish government benchmark bonds rose to 10.44% from 10.37% a day earlier. The main index of the Istanbul Stock Exchange also ended with falling 1.53% to 64,427.52 points.
By Nicole P.
