The Turkish lira swiftly recovered against the dollar and euro late Wednesday, after news of the Central Bank’s (CBRT) emergency meeting.
The emergency meeting made crucial decisions to curb the value of the currencies against the lira. The bank left one-week repo, overnight lending and overnight borrowing rates unchanged at 8.0, 9.25 and 7.25 percent, respectively.
The bank also raised late liquidity window rate to 16.5 percent from the previous 13.5.
After the steps taken by the officials, the lira recovered to 4.55 against U.S. dollar and 5.33 against euro after the day’s record lows of 4.92 and 5.74, respectively.
The dollar and the euro have recently seen consecutive record highs against the Turkish lira.
Currency volatility unrelated to Turkey’s economic reality, the growth rate at 7.4 pct: Erdoğan
The recent volatility in currencies is not at all related to Turkey’s economic reality, President Recep Tayyip Erdoğan said late Wednesday during a speech addressed to the former deputies of his ruling Justice and Development Party (AK Party) in the Presidential Complex in Ankara.
The Turkish economy has a growth rate of 7.4 percent, the president said, adding that: “We are also ahead of European countries in national income per capita.”
“All necessary measures will be taken after the elections. We are working according to our financial policies,” Erdoğan said.
“There is no economic situation that we cannot overcome,” he added.
The Central Bank (CBRT) held an emergency meeting Wednesday, after which the Turkish lira recovered to 4.55 against U.S. dollar and 5.33 against euro after the day’s record lows of 4.92 and 5.74, respectively.
The bank also raised late liquidity window rate to 16.5 percent from the previous 13.5.
