0 Simon Mugo Posted April 12, 2019 Author Share Posted April 12, 2019 Quote Link to comment Share on other sites More sharing options...
0 Simon Mugo Posted April 13, 2019 Share Posted April 13, 2019 The Turkish lira has been falling for the past week as investors reacted to the government’s economic reforms program announced on Wednesday. The plan unveiled by Finance Minister Berat Albayrak revealed the government’s strategy to shore up the capital reserves for major Turkish banks among other stimulus measures. However, the reforms failed to impress investors who are worried that President Erdogan’s government will implement even more populist measures that are unlikely to favor foreigners. Furthermore, data released by the country’s central bank indicated that Turkish citizens had increased their holding of foreign currencies. Friday’s data was the final straw as the higher foreign currency holding indicated that Turks were converting their lira-denominated savings into other currencies, which is a sign that they do not trust the lira. It remains to be seen what shall happen to the Turkish lira next week amid an uncertain local political climate and foreign investors who are scared of what President Tayyip Erdogan might do next. Quote Link to comment Share on other sites More sharing options...
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