Turkish Pound: Currency Falls Back – How the Market Reacts

The political turmoil in Turkey has brought about a reshuffle in monetary policy. The Turkish pound initially reacted with a fall in the news of the appointment of new Finance Minister Lufti Elvan, losing most of its impressive gains yesterday, but then returning again to a rise. According to Bloomderg, the Turkish pound has lost about 30% of its value against the dollar in 2020, a fall that has accelerated from the The central bank refrained from raising borrowing costs during the October meeting. Read also: Cumhuriyet: Erdogan’s son-in-law “played wood” with the Turkish central banker. over two years as traders assess the prospects for monetary and monetary policy after the appointment of the new Minister of Finance. The currency falls 2% against the dollar to 8.2206 pounds. It is recalled that on Monday it strengthened 5.8%. whether the orthodox preferences of the President’s policy will be rejected or wholeheartedly accepted by the new administration. The Turkish stock market has fluctuated in the meantime. The BIST 100 has so far surpassed its all-time high before seeing its profits shrink as investors seek time to work out unexpected changes in the country’s financial management. At the moment, the index is up 0.17%. A historic battle against the trap of high interest rates One day after he replaced the finance minister, Turkish President Recep Tayyip Erdogan said Turkey was in a “historic battle” against those trying to push the country into a trap of high interest rates Turkey will overcome political obstacles to continue working to improve economic growth, employment and exports, said in a memorial service for Mustafa Kemal Ataturk, as reported by Reuters. Follow it on Google News and learn more first all the news See all the latest news from Greece and the world, at

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