March 28, 2023

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The price of the Turkish lira between the "central" and the banks at Thursday's meeting

The price of the Turkish lira between the “central” and the banks at Thursday’s meeting

The exchange rate of the dollar fell above 13 pounds (AFP) over one pound on Wednesday.

“Reuters” quoted a bank source on Wednesday as saying Central Bank of TurkeyBanking Department And the Confederation of Banks will meet on Thursday to discuss the latest developments in the economy, particularly the fall in the lira exchange rate, despite its comparative improvement in late Wednesday.

The move comes after it collapsed Turkish lira To record lower levels against the dollar in the last eleven trading sessions, it has lost up to 45% of its value this year, and half of these losses have come from the beginning of last week.

The lira depreciated by 5.73% to 12.0848 against the dollar in Wednesday’s session, after rising to 11.8 lira during trading, according to Al-Arabi Al-Jadeed.

The source, who spoke to Reuters anonymously, said officials would meet Thursday afternoon to discuss economic developments, but did not provide further details.

AFP reports that a group of protesters clashed with police on Wednesday in order to prevent them from gathering in Istanbul to protest the depreciation of the Turkish lira and their living conditions.

About 250 people protested in the Kadikoi district of Istanbul’s Asian region, chanting: “The government is resigning” and “Our costs can no longer be covered.”

ஆனால் போலீசார் ஆர்ப்பாட்டத்தை கலைத்தனர், முக்கிய சதுக்கத்தில் பங்கேற்பாளர்கள் கூடுவதைத் தடுத்தனர், மேலும் சுமார் 30 ஆர்ப்பாட்டக்காரர்களை கைது செய்தனர் என்று AFP புகைப்படக்காரர் ஒருவர் தெரிவித்தார்.

Earlier, in the capital, Ankara, dozens of people protested against the deteriorating economic situation, the agency said.

Despite the inflation rate reaching around 20%, the central bank last week cut interest rates from 16% to 15%, knowing that central banks usually raise interest rates with higher inflation to cut costs, but President Recep Tayyip Erdogan has an unusual view. In this regard, he believes that high interest rates will cause inflation, and on Monday he defended his policies and warned that the country is fighting what it calls the “war for economic freedom”.

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