Turkish Lira Slips To 1-1/2-year Low Against U.S. Dollar After Turkey Rate Cut
March 17 2020 - 4:07AM
RTTF2
The Turkish Lira lost ground against the U.S. dollar during the
European session on Tuesday, after Turkey's central bank lowered
its key interest rate by 100 basis points and announced
comprehensive set of measures to contain possible adverse effects
of uncertainty caused by covid-19 pandemic on the economy.
At an emergency meeting, the Monetary Policy Committee, led by
Governor Murat Uysal, slashed the policy rate, which is the
one-week repo auction rate, to 9.75 percent from 10.75 percent.
This was the second rate cut so far this year.
"With an aim to support financial stability, the central bank
will implement a comprehensive set of measures," the bank said.
The Turkish Lira dipped to a 1-1/2-year low of 6.4930 against
the greenback from yesterday's closing value of 6.4243. The Lira is
likely to test downside target around the 6.7 region.
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