Turkish lira hits record lows despite FX from Gulf states
Erdoğan says he is grateful to allies but central bank reserves fall to lowest level in over 20 years
Turkey received foreign exchange from Persian Gulf states ahead of its presidential election, after central bank reserves fell to their lowest in over 20 years.
President Recep Tayyip Erdoğan, speaking on television on May 26, apparently confirmed earlier press reports that several states had sent large sums to the central bank, Al-Arabiya reported. On May 28, Turkish voters will have to choose between Erdoğan and opposition leader Kemal Kılıçdaroğlu in the election’s run-off round.
Reuters re
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on Foreign Exchange
Ukraine’s governor on central banking as war endures
Andriy Pyshnyy speaks about Ukraine’s financial stability and need for investment
Laotian central bank raises rates amid high inflation
Inflation in Laos has been above 20% due to weak local currency
Russian central bank reacts to tighter US sanctions
Bank of Russia suspends some dollar trading as G7 countries consider moves against Chinese banks
Argentina extends swap agreement with China
Central Bank of Argentina says it will repay activated $5 billion swap by mid-2026
African states should end fixed exchange rates, IMF official says
More credibility on monetary policy is best cure for “fear of floating”, Selassie argues
South Korea and Malaysia renew currency swap line
Bank of Korea and Bank Negara Malaysia resume arrangement that lapsed in 2023
Malaysian central bank holds policy rate
BNM’s efforts to support the ringgit are paying off, deputy governor says
Ukraine’s central bank lifts more currency restrictions
Moves will enable more investment and strengthen economic recovery, NBU says