USD climbs to all-time high against Turkish lira

USD was around 1.848 TL at the beginning of the first session on Monday. Then it climbed to all-time high, i.e. to 1.856 against TL.

USD climbs to all-time high against Turkish lira

USD climbed on Monday to all-time high against the Turkish lira (TL).

One USD reached almost 1.86 against TL in the Istanbul free market, reaching its highest level against the lira.

USD was around 1.848 TL at the beginning of the first session on Monday. Then it climbed to all-time high, i.e. to 1.856 against TL.

In interbank market, the lowest buying price of one USD is 1.8515 TL and the highest buying price is 1.8560 TL around 1 p.m.

The selling prices of one USD are 1.857 TL the lowest and 1.864 TL the highest.

"No worry"

Speaking to reporters after the meeting, Caglayan downplayed the rapid depreciation over the last week of the value of the Turkish lira against the U.S. currency, saying that it was due to volatile global financial environment.

Turkish Economy Minister Zafer Caglayan on Monday met with Vince Cable, British secretary of state for business, innovation and skills in capital Ankara.

"The water is flowing in its course. There have been times when the Turkish lira was overvalued or devalued. We have no worries about the currency. Turkish economy is very healthy and dynamic. The Standard & Poor's upgrade in Turkey's local-currency sovereign ratings is a testament to that," Caglayan told reporters.

S&P last week said it raised Turkey's local-currency sovereign ratings to "BBB-/A-3" from "BB+/B". The agency also affirmed its national scale ratings on the country and foreign-currency sovereign ratings at "BB/B". S&P said Turkey's outlook on both the local- and foreign-currency long-term sovereign ratings was positive.

Caglayan said the government and the Turkish Central Bank closely monitored developments in the economy, and they were ready to act to take necessary measures when such a need arose.

"There is no need to worry or panic. Turkey is an open economy and it is only natural for us to be affected to a certain degree from international developments," Caglayan said.

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Last Mod: 26 Eylül 2011, 14:13
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