A new decline in the value of the Turkish lira for the fifth consecutive day, despite the increase in central bank reserves

Tuesday 12 October 2021 12:03
 
Istanbul ( NINA ) - The Turkish lira continued to depreciate against hard currencies for the fifth consecutive day, despite the rise in the Turkish Central Bank's reserves of hard currencies.

A reporter for Nina News Agency stated that the Turkish lira recorded a new decline in the local markets this afternoon, reaching 902 liras for every 100 US dollars.

The Governor of the Central Bank of Turkey, Shihab Kavuoglu, had announced yesterday that the reserves of the Central Bank rose to 123.5 billion dollars.

Yesterday, Monday, the Governor of the Central Bank of Turkey stated, before the Plan and Budget Committee of the Turkish Parliament, in the capital, Ankara, the continuation of reserve accumulation to strengthen monetary policy.

He said that the strong upward trend in exports and the recovery in the tourism sector as a result of the acceleration in vaccination operations against Corona will increase the surplus. in the current account for the remainder of the current year.

He explained that the strict stance in monetary policy began to affect the contraction of commercial loans. And that the macro-prudential policy was strengthened in order to return individual loans to their moderate track.

The reserves of the Turkish Central Bank had reached 122 billion dollars last Thursday, October 7, according to the announcement of the Governor of the Central Bank of Turkey./End

https://ninanews.com/Website/News/Details?key=932695