Turkish lira hits record lows despite FX from Gulf states
Erdoğan says he is grateful to allies but central bank reserves fall to lowest level in over 20 years
Turkey received foreign exchange from Persian Gulf states ahead of its presidential election, after central bank reserves fell to their lowest in over 20 years.
President Recep Tayyip Erdoğan, speaking on television on May 26, apparently confirmed earlier press reports that several states had sent large sums to the central bank, Al-Arabiya reported. On May 28, Turkish voters will have to choose between Erdoğan and opposition leader Kemal Kılıçdaroğlu in the election’s run-off round.
Reuters re
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Foreign Exchange
South Korea and Malaysia renew currency swap line
Bank of Korea and Bank Negara Malaysia resume arrangement that lapsed in 2023
Malaysian central bank holds policy rate
BNM’s efforts to support the ringgit are paying off, deputy governor says
Ukraine’s central bank lifts more currency restrictions
Moves will enable more investment and strengthen economic recovery, NBU says
Asean+3 to launch new financing facility
Thirteen Asian states say fund will deal with exogenous shocks’ effects on balance of payments
Sharp yen rises spark speculation over government intervention
Japanese minister refuses to comment on whether authorities acted to stem currency’s fall
Asian policy-makers move to support currencies
Indonesia and Vietnam intervene in markets, while Japan, Korea and Malaysia issue warnings
Nigerian governor declares fixed exchange rates are over
Cardoso says central bank plans to move to an inflation-targeting regime
Malaysia using more yuan and ringgit for trade, BNM says
Central bank says the use of dollars for settlement has remained stable over last 14 years
Most read
- Trends in reserve management 2024: survey results
- People: RBI appoints senior officials
- China to start selling ultra-long term sovereign bonds