Turkey: Turkish lira depreciates in June
July 13, 2011
On 30 June, the Turkish lira (TRY) traded at 1.64 per USD, the weakest level since April 2009 as the headwinds of the debt crisis in the Euro area periphery drives a flight to safe haven currencies, which weighs on the Turkish currency. The reading represents a 2.2% depreciation over the 1.60 TRY per USD tallied on the last day of May. On a year-on-year basis, the lira depreciated by 3.5% nominally versus the U.S. dollar. Economy Minister Zafer Caglayan stated on 12 July that a depreciation of the Turkish lira is ?no concern? for the government, as it should boost the country's exports, adding to government efforts to rebalance the trade accounts and thus helps to narrow the rampant current account deficit.