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8/17/2018, 11:51 AM (Source: TeleTrader)
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Turkish lira dips on doubts in economic perspective

Stocks at the exchange in Istanbul continued downhill on Friday and Turkey's currency suffered a strong blow to higher than six per dollar, though relatively far from this week's record lows. After Minister of Finance and Treasury Berat Albayrak yesterday pledged to stabilize the overheated economy with liquidity support and spending cuts, United States President Donald Trump and Secretary of the Treasury Steve Mnuchin threatened more punitive action over the imprisonment of pastor Andrew Brunson.

The government in Ankara today said it would retaliate in kind and also reiterated it would stimulate credit and maintain flexibility with the aim to bolster cash flow. While President Recep Tayyip Erdogan has pressuring the Central Bank of the Republic of Turkey against raising interest rates, policymakers still declined to open a one-week repurchase auction, tightening lending conditions.

The dollar surged 5.88% at 11:48 am CET, buying 6.167 Turkish liras, after hitting 6.2362. Following a spike on August 10, it hit a historic peak of 7.0891 at the beginning of the week. The euro's exchange rate climbed 6.25% to 7.0511. The Dow Jones Turkey Titans 20 stock index fell 0.94% to 852.28 points.

Baha Breaking News (BBN) / IT