Image default
Greek News

Turkey state banks prop up Lira ahead of Syria incursion

The lira weakened as Turkey announced the beginning of a military offensive into northeastern Syria, stymieing efforts by state banks to buttress the currency through dollar sales.

The Turkish currency reversed earlier gains to trade 0.5% weaker at 5.8565 per dollar as of 5:20 p.m in Istanbul. Earlier, state banks sold U.S. currency around the 5.84 per-dollar mark, according to four people familiar with the matter, who asked not to be identified as the information isn’t public. They bought about $1 billion-worth of lira on Monday and Tuesday, according to two of the people.

The currency posted its biggest decline since early August on Monday, amid concern that Turkey and the U.S. were lurching toward a fresh diplomatic crisis over Ankara’s plans in Syria. While American President Donald Trump tacitly endorsed the operation on Sunday, a day later he threatened to “obliterate” Turkey’s economy if it did anything he considered “off-limits.”

The dollar sales may revive a debate about the strength of the central bank’s foreign-currency buffers, which surfaced in the weeks leading up to municipal elections in March. At the time, state banks were said to have sold between $10 billion and $15 billion to stem the lira’s depreciation.

Read more HERE

Σχετικα αρθρα

Mobile ad spending to surpass desktop by 2022 (infographic)

admin

The Most Profitable Companies in the World (infographic)

admin

Greek olives and olive oils exempted from latest US tariffs

admin

Draghi: Greece to be in QE if progress continues

admin

Syros’ Shipyard inaugurated under New York-based ONEX

admin

Bitcoin devours more electricity than Switzerland (infographic)

admin

The European countries with the most millionaire bankers (infographic)

admin

Greek growth-rates revised upwards

admin

Greek Tourism: Favorable sector for Chinese investments

admin

China: De-Dollarization bid continues amid Trade War

admin

Changes in internet, credit, debit & pre-paid card transaction

admin

Significant deal for direct Athens-Shanghai flight connection reached

admin

Greeks prepare for mid-term Autumn sales, Black Friday & Cyber Monday

admin

Greece has the worst unemployment rate in EU28 for degree holders

admin

The countries that produce the highest per capita emissions (infographic)

admin

The Economist backs calls for Greek primary surplus targets to be lowered

admin

Aegean Airlines to enter Hellinikon – Urban Development Project with €20 million

admin

Offer book for Greek 10-year state bond opens starting at a 1.55% yield

admin