Turkey Attempts to Defend Lira, Currency Remains Soft

May 21,2019 13:51   Source:Earnforex

One Turkish liraThe Turkish lira remains soft despite attempts of policy makers to prop up the currency.

Turkey introduced a requirement for banks to postpone retail transactions of at least $100,000 value by one day instead of processing them the same day as it was before. The attempt to slow down currency transactions was made in an effort to trim speculative bets on the currency. The move will likely draw fresh criticism from economists and market participants, who were already unhappy with the country’s interventions in markets.

USD/TRY rose 0.51% to 6.057 as of 16:52 GMT today.

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