Turkish lira rises as central bank launches ‘incentive’ scheme
Selling pressure eases as new facility unveiled, but outlook remains uncertain
The Turkish lira has partially reversed a steep decline after the Central Bank of the Republic of Turkey unveiled a new scheme to encourage people to hold lira assets.
Around noon London time today (December 22), the currency was trading at 12.2 to the US dollar, up from a trough of 18.3 on December 20.
The recovery appeared to be in response to the CBRT’s announcement of a guarantee scheme for people who convert foreign exchange holdings into lira time deposits. The central bank says on
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