The Turkish lira slid as much as 3% to a record low against the dollar on Monday, after the central bank took steps to simplify policy, while an official and bankers said the bank had stopped using its reserves to support the lira.
Turkish lira banknotes are seen in this illustration taken in Istanbul, Turkey November 23, 2021. REUTERS/Murad Sezer/Illustration/File PhotoNew finmin, cenbank governor move towards orthodox policy
It is down 28% so far this year, largely after the re-election in late May of President Tayyip Erdogan who has since moved to backtrack on his years of unorthodox economic policy including slashing rates despite soaring inflation. With the use of central bank reserves to protect the lira’s value before the election, reserves fell to a historical low in early June, with net reserves at minus $5.7 billion. They recovered in the following two weeks.
"The numbers are determined entirely by the free market. Hence, there is no use of foreign exchange reserves and a period of increasing reserves has started," he added. Securities that banks must maintain ranged between 3% and 12% of their lira deposits, under the new standard, compared to between 3% and 17% previously.
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