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Turkey with a move against foreign investors, the lira is stabilizing

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Turkey has surprised foreign exchange markets with a drastic rise in interest rates for the purchase of domestic currency by foreign investors, and banks are instructed not to provide Turkish lira on important foreign exchange exchanges for FX trading, at least until Sunday's election.

The goal is to restore confidence to the pound, which devalued by more than 2% to $ 5.84416 and the rate for quick business deals in London jumped to% 1300 on an annual basis. To satisfy the demand for Turkish pounds, investors began selling Turkish shares and bonds, and the effect was felt on other currencies from the emerging markets. The measure will be temporary and, moreover, aims to get rid of speculators.

Since its sharp rise from last Friday, for the moment the pound has stabilized, returning to levels around $ 5.32 - $ 5.38, but the volatility remains high.

Ankara's expectations are for Ankara to begin implementing long-delayed reforms in the economy to restore confidence to both foreign investors and local lenders.


 Trader Martin Nikolov

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