Turkish lira gains its pre-coup attempt levels, trading at 2.92 against US dollar


The U.S. dollar fell by 3 percent against the Turkish lira on Monday, extending a bounce after the failed coup attempt by a Gülenist faction within the miliatry over the weekend, calming investor concerns about geopolitical risks.

The lira was trading at 2.9274 against the dollar, gaining its pre-coup attempt levels.

Speaking on a private TV channel, Deputy Prime Minister Şimşek said in the early hours of Monday that he did not expect the coup would have a permanent effect in neither growth nor the foreign trade balance.

“Our country, our democracy, our political stability have been strengthened. The road in front of Turkey is clear. We will return to our structural reform agenda very quickly,” he said.

Turkey’s Central Bank said Sunday that it would cut the commission on daily liquidity options for banks to zero as well as provide them with unlimited liquidity to maintain efficient functioning of the financial markets following Friday’s failed coup.

Source: dailysabah.com

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