Turkish Lira gains against currencies of developed states: C.Bank

Durmus said, "we see that the Turkish currency has gained in value against currencies of the industrialized countries while it remained generally the same against the currencies of the developing countries."

Turkish Lira gains against currencies of developed states: C.Bank

The governor of the Turkish Central Bank said, "when we examine the course of the real currency rates, we see that the Turkish currency has gained in value against currencies of the industrialized countries while it remained generally the same against the currencies of the developing countries."

Yilmaz Durmus said at the World Management Congress in the central province of Konya, "the exchange rate is an element that should be taken into consideration carefully since it has a significant impact on financial variables. In short-term, value of the exchange rate is determined under the influence of monetary and financial policies, international capital movements and even political developments. But in the medium and long term, the most important factor determining value of the currency is financial performance of that country."

"When we examine the progress of the real currency rates, we see that the Turkish currency has gained in value against currencies of the industrialized countries while it remained generally the same against the currencies of the developing countries. It is an expected situation. The increase in real currency rate against the industrialized countries is a natural result of that Turkey's productivity rise is higher than those in the industrialized countries. According to data by the Organization for the Economic Cooperation and Development (OECD), Turkey's productivity rise was six times higher than those in European countries in the period of 2003 and 2008," he said.

"We can increase the social prosperity in Turkey in the medium and long term by preserving macroeconomic stability and putting into practice structural reforms," Yilmaz added.


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Last Mod: 22 Temmuz 2010, 17:59
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