With Turkish industrial production defying economists’ expectations for a 3.3 per cent gain, the Lira tumbled against the US Dollar and Euro.
At the current Exchange Rate you can get 1.7949 Turkish Lira for one US Dollar as of 15:40 GMT
Earlier today Turkey’s Deputy Prime Minister, Ali Babacan, asserted that the Lira is the most stable currency belonging to a developing nation due to export-led Turkish growth.
The Lira Newspaper quoted Babacan as stating: ‘Turkey has reduced the dependence of export growth on exports to the EU. Currently, the volume of Turkish exports to the Middle East and Africa almost exceeds the volume of exports to the EU.’
At the end of last year the nation’s exports amounted to 152 Billion Dollars.
Babacan was also keen to highlight the fact that Turkey’s external debt is being reduced and GDP per capita has continued to grow, despite the global economic slowdown.
However, despite the Lira’s relative stability it seems the currency can still be knocked by disappointing economic news.
According to the latest data compiled by the Turkish statistics agency, industrial output was up 1.4 per cent from a year earlier in March, but had fallen by a seasonally adjusted 0.9 per cent from February.
The result was the worst posted so far this year.
Following the report’s publication one Istanbul-based strategist noted: ‘The perception that the central bank will maintain its interest rate cuts will strengthen after the less-than-expected data.’
The Turkish central bank opted to cut its one-week repo rate to 5 per cent in mid-April and is due to meet again next week.
Current Turkish Lira (TRY) Exchange Rates
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The Turkish Lira/Pound Sterling Exchange Rate is currently in the region of: 0.3594 <
The Turkish Lira/Euro Exchange Rate is currently in the region of: 0.4244 <
The Turkish Lira/ US Dollar Exchange Rate is currently in the region of: 0.5569 <
The Turkish Lira/Japanese Yen Exchange Rate is currently in the region of: 55.3454 <
The Pound Sterling/ Turkish Lira Exchange Rate is currently in the region of: 2.7798 >
The Euro/Turkish Lira Exchange Rate is currently in the region of: 2.3559 >
The US Dollar/Turkish Lira Exchange Rate is currently in the region of: 1.7949 >
The Japanese Yen/Turkish Lira Exchange Rate is currently in the region of: 0.0183 >
(Correct as of 15:40 GMT)
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