Turkish lira strengthens after fluctuation

The Turkish lira rose 2% on December 23 following sharp surges in recent days, Report informs referring to Turkish media.

The Turkish national currency has risen in price to 11.82 lira per US dollar from the previous closing level of 12.04 lira per dollar.

A week ago, the Central Bank of Turkey decided to reduce the discount rate to 14% from 15%, which caused another sharp depreciation of the Turkish currency - on December 20 it reached a record 18.4 lira per dollar. However, on the evening of the same day, its decline was replaced by rapid growth. As a result, the lira compensated for the losses of the last weeks.

In January, the Turkish currency traded at the rate of 7.4 lira per dollar and at the time of reaching a historical minimum, it fell by 60%, and lost more than 40% of its value in a month.