Turkey: Turkish lira continues to strengthen
March 1, 2012
On 29 February, the Turkish lira (TRY) traded at 1.75 per USD, which was 1.6% stronger than the level recorded on the same day of the previous month. The figure followed on the 5.7% appreciation recorded in January. Nevertheless, on an annual basis, the currency still remains 9.4% weaker than in the same month last year. The Turkish lira advanced on increased global risk appetite, as the perennial debt crisis in Europe came a step closer to a resolution with the approval of the second EUR 130 billion bailout package for Greece. In addition, recent trade data are easing concerns regarding Turkey's external imbalances, thus prompting foreign investors to regain appetite for Turkish assets.