Turkish lira gains value against US dollar on eve of Central Bank meeting

Turkish lira gains value against US dollar on eve of Central Bank meeting

ANKARA - Anadolu Agency
Turkish lira gains value against US dollar on eve of Central Bank meeting

The Turkish lira gained ground against the U.S. dollar on Sept. 12 ahead of the monetary policy committee meeting of the Turkish Central Bank.

The dollar/lira exchange rate fell 6.3512 by around 14.30 local time (1130 GMT), down 1 percent. The rate hit the lowest level in two weeks.

Earlier on Sept. 12, the U.S. dollar/Turkish lira exchange rate stood at 6.4440 as of 9.30 a.m. local time (0630GMT).

The bank is expected to raise interest rates on Sept. 13.

On Sept. 3, the bank announced that it will continue to use all available instruments in pursuit of the price stability objective.

Currently, the interest rates are below the annual inflation level in Turkey.

According to the country’s statistical authority TurkStat, Turkey’s annual inflation was 17.90 percent in August, up from July’s figure of 15.85 percent.

Turkish Lira, Economy, Central Bank