Accessibility/Mobile Features
Skip Navigation
Skip to Content
Editorial News
Business
Classified Sites

The Canadian Press - ONLINE EDITION

Turkish lira continues to slide despite central bank intervention in currency market

ANKARA, Turkey - Turkey's currency, the lira, continued its downward slide on Thursday despite the central bank's intervention in the foreign exchange markets to support it.

The lira weakened to a record 2.30 against the dollar just hours after the central bank said in a statement that it was intervening in the markets due to "unhealthy price occurrences." It did not give further details, but the Hurriyet newspaper and other reports said the bank had sold more than $2 billion to shore up the lira.

The Turkish currency has been falling steadily amid concerns that a bribery and corruption scandal that has ensnared people close to Prime Minister Recep Tayyip Erdogan might destabilize the government.

This week, the central bank decided against supporting the lira with an interest rate increase, a decision some analysts said was taken under pressure from the government.

The fall in the lira seemed to worry investors, who pushed the main stock index in Istanbul down 2.9 per cent.

  • Rate this Rate This Star Icon
  • This article has not yet been rated.
  • We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

    You can also register and/or login to the site and join the conversation by leaving a comment.

    Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Commentscomment icon

You can comment on most stories on brandonsun.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Commentcomment icon

Comment
  • You have characters left

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.

letters

Make text: Larger | Smaller

Brandon Sun Business Directory
Submit a Random Act of Kindness
Why Not Minot?
Welcome to Winnipeg

Social Media

Canadian Mortgage Rates