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Turkey signals shift on currency

Posted on 05 September 2013

Turkey’s monetary policy took another twist as central bank officials told analysts Wednesday they welcomed currency volatility, signaling a reversal after fighting for stable exchange rates for two years.
The move was yet another surprise by the Ankara-based central bank, which has been battling a currency rout in emerging markets. Turkey’s currency hit a record low of 2.0733 to the dollar last week after Governor Erdem Basci ruled out rate hikes even as he said officials would defend the lira “like lions,” forecasting it would be up to 1.92 against the greenback by year-end………………………………………..Full Article: Source


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