Turkish Lira goes up like Rocket to enter new year 2022

The Turkish lira made an overnight comeback on Monday as the country's president revealed a new financial mechanism to shore up the currency.
The fresh measures come in the wake of rising prices and exchange rates as the government pursues its "new economic model," which emphasizes opposition to high interest.
President Recep Tayyip Erdogan said the new instrument would allow potential investors in foreign currencies to get the same results while sticking to the lira.
On Tuesday morning, the lira/dollar exchange rate dropped to 11.2248 as of 9.30 local time (0630GMT), as it gained almost 40% against dollar since Monday evening.
Timothy Ash, a senior emerging-market strategist at the London-based BlueBay Asset Management, also commented on the "insane" comeback.
"Absolutely insane day in Turkish Foreign Exchange today. Is there time for it to get to Robin Brooks' 9.50 fair value yet? Don’t think I have ever seen such intraday Foreign Exchange volatility ever in my 30+ year career," said Ash.
Be the first to comment