The Turkish lira is rising strongly, what is the reason? ...

Urgent: The Turkish lira is rising strongly, what is the reason?
© Reuters – The Turkish Treasury announced a surplus of 30 billion Turkish liras today.

It is now rising strongly in conjunction with the Turkish President’s visit to Qatar, and Ankara’s attempts to improve its relations with its Arab neighbors.

In the past few days, Turkish President Recep Tayyip Erdogan has emphasized more than once Ankara’s keenness to improve relations with the Gulf states, expecting that relations with Egypt will witness developments soon.

The Turkish lira recorded a decline for the session at 13.46 Turkish liras per dollar, after it approached 14 levels earlier.

important interview

On Tuesday, the Qatar News Agency reported that the Governor of the Central Bank of Qatar met with his Turkish counterpart, during Turkish President Recep Tayyip Erdogan’s current visit to Doha.

The agency added that the officials discussed during the meeting bilateral relations in the financial and banking fields and ways to enhance them.

Important statements

Vice President Fuat Aktay said that budget revenues will be higher than planned, and Aktay also touched on attacks on his country’s currency in his speech.

“Our currency has been subjected to exploitative attacks, and we will reduce our country’s needs for foreign exchange and quickly create a structure that is more resistant to currency attacks,” Aktay added.

“It is wrong to attribute the increase in the foreign exchange rate to the interest rate cut, and we will end this year with a growth of more than 10% and a current account deficit of less than 3.5%,” Aktay continued.

economic reality

Turkish President Recep Tayyip Erdogan insists on keeping interest rates low, despite the strong rise in inflation, and the Turkish President did not leave an occasion except that he declared that Turkey would not resort to raising the interest rate under any circumstances.

The Turkish Central Bank tried to intervene in the foreign exchange market to stop the rapid collapse of the Turkish lira, but the interventions did not succeed.

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