Wednesday, Nov 25

Turkish lira gains value on Monday

New Central Bank chief says decisive use of all policy tools in pursuit of price stability objective.
09.11.2020 - 12:22

The Turkish lira on Monday gained value as the new central bank governor assumed the charge. The US dollar/Turkish lira exchange rate was down by around 4% versus Friday's close.

USD/TRY EXCHANGE RATE DROPPED TO AROUND 8.20

On Saturday, Turkey dismissed Murat Uysal as central bank governor and replaced him with former Finance Minister Naci Ağbal.

In a statement on Monday, Ağbal stressed decisive use of all policy tools in pursuit of price stability objective.

The monetary policy communication will be strengthened in the framework of transparency, accountability and predictability principles, he said.

The USD/TRY exchange rate dropped to around 8.20 currently, from around 8.55 at Friday's close.