Turkish Lira Climbs Against U.S. Dollar Despite Rate Cut
August 23 2016 - 4:10AM
RTTF2
The Turkish Lira erased early losses against the U.S. dollar and
climbed back in European trading on Tuesday, even as the Turkish
central bank slashed its key lending rate by a quarter point to
8.50 percent.
The Monetary Policy Committee of the Turkish central bank
lowered the Marginal Funding Rate by 25 basis points to 8.50
percent. This was the sixth consecutive reduction in rate.
The bank had reduced the funding rate by 25 basis points in
March, 50 basis points in April, May and June, and another quarter
point in July.
The overnight borrowing rate was left unchanged at 7.25 percent
and the one-week repo rate at 7.50 percent. The outcome of the
meeting came in line with expectations.
The Lira climbed to 2.9296 per greenback, off its early low of
2.9436. If the Lira extends rise, it may find resistance around the
2.88 mark.
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