On 30 September, the Turkish lira (TRY) traded at 1.85 per USD, which represented a 5.4% depreciation over the 1.75 TRY per USD tallied on the last day of August. On a year-on-year basis, the lira depreciated 21.4% against the U.S. dollar. The depreciation in part reflects the widening current account deficit. In addition, tensions stemming from the Eurozone debt crisis continue to weigh on investors, who are gradually switching to safer assets and thus contributing to the ongoing depreciation. On 5 October, the Central Bank sold USD 750 million after offering as much as USD 1.35 billion in a daily auction, the largest since daily sales started on 5 August, in order to stem currency depreciation. The Bank stated that ?large amounts? of dollar sales could continue to limit volatility in the value of the lira.
Turkey Monetary Policy
Central Bank takes action against weakening of the lira
October 1, 2011
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Turkey Economic News
October 25, 2016
The Real Sector Confidence Index published by the Central Bank decreased from September’s 106.5 to 101.7 in October, the lowest reading in one year.
October 21, 2016
The consumer confidence index, published by the Statistical Institute in cooperation with the Central Bank, decreased slightly from 74.3 in September to 74.0 in October.
October 20, 2016
At its 20 October monetary policy meeting, the Central Bank of the Republic of Turkey (CBRT) decided to keep the marginal funding rate unchanged at 8.25%.
October 13, 2016
The current account balance recorded a USD 1.8 billion deficit in August (July: USD 2.7 billion deficit).
October 10, 2016
In August, industrial production expanded a calendar-adjusted 2.2% compared to the same month last year.