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market

Turkish lira rallies as US sanctions on top Ankara officials are lifted


The Turkish lira rallied to the highest level in nearly three months after the US Treasury announced it would be lifting the asset freeze on two Turkish ministers.

Turkey’s currency gained as much as 1.8 per cent against the greenback on Friday, touching a high of TL5.4102. It had last traded at that level on August 9.

The lira is up 34 per cent from its August 12 low of TL7.2149, as tension between Turkey and the US have begun easing following the release of an American pastor who had been detained in the country.

The central bank’s decision to raise interest rates by 650 basis points to 24 per cent in September and the new finance minister’s new plan to rebalance the economy have also played a role in reassuring investors.

The lira is still down 29 per cent for the year to date.



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