Turkish pound: The currency reacts upwards, the funds dry up

The thriller with the Turkish pound is endless as the pressures continue despite the changes made by Erdogan in his financial staff. Yesterday the exchange rate of the pound reached 8.24 against the dollar, falling by 2% against the US currency in one day. According to Bloomberg, after the decision of the banking authorities to relax the restrictions on transactions, the Turkish pound recorded gains today, Wednesday. The pound was found to gain up to 1% to 8.0787 against the dollar after the decision of the authorities to increase the amount to currency swaps and derivatives agreements that can be made by Turkish banks with foreign counterparties. Earlier, the currency lost up to 0.6%. Markets and the Turkish lira Goldman Sachs estimates that after these changes, lending rates are expected to increase to 17% by the end of the year from the current 10.25%. The investment bank, however, warned that it would be good not to create excessive expectations from the new faces of Agbal and Elvan. Mediterranean Erdogan The concern of Goldman Sachs and other international and non-analysts is whether Erdogan has decided to abandon the pound-low interest rate policy. However, the Turkish president did not help to alleviate these concerns, as he made new aggressive statements about interest rates, as he has done many times in the past. Erdogan said Turkey was in a “historic battle”, as he described it, against those trying to push the country into a trap of high interest rates, inflation and exchange rates. The pound has lost about 35% since its inception. year against the dollar, inflation is galloping, foreign exchange reserves are steadily declining, funds are going abroad and the threat to the current account balance is growing. This year alone, it is estimated that Turkey’s foreign exchange reserves of $ 100 billion have been spent to support the pound, but to no avail. Follow it on Google News and be the first to know all the news. See all the latest news from Greece and the world, at

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