Turkey Supports Turkish Lira After It Depreciates To Record Low Level

Turkey’s Central Bank announced measures in support of the national currency after it reached a new record minimum  against  the background of investors’ apprehensions that the country might concentrate executive power in the hands of the president, reported Associated Press, cited by BTA.

The Central Bank in practice released USD 1.5 in liquid money for banks, allowing them to reduce the volume of the foreign currency they hold in reserve.

Apprehensions about the financial system of Turkey grew over the last few weeks since investors are worried about the political future of the country.

The Turkish lira depreciated to a record low level in its exchange rate to the USD against the background of debates in Parliament on constitutional changes which, if adopted, will give President Erdogan executive powers.

Critics claim that this will turn the country into a de facto dictatorship.

The exchange rate of the Turkish lira to the USD dropped by 7% on Tuesday to 3.71 Turkish liras to the USD, after falling earlier to the historical minimum of 3.78 Turkish liras to the USD.

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