Turkey took more unorthodox steps on Friday to protect its beleaguered lira, inc...
ANKARA/ISTANBUL - Turkey took more unorthodox steps on Friday to protect its beleaguered lira, including scrapping a recently-hatched plan to tap the central bank’s legal reserves to boost its budget and urging banks to encourage clients to convert foreign holdings.
The Turkish lira has come under renewed pressure in recent months as investors fretted about the threat of U.S. sanctions, uncertainty over local election results, declining central bank reserves and a trend of Turks ramping up foreign holdings. But on Friday, two sources told Reuters that plan was now abandoned. “It has been canceled for now,” said one of the sources, both of whom requested anonymity.
“Investors would be wondering what other tools the administration may use to stimulate lending growth at a time when they don’t have much room to maneuver,” he said. In January, the bank transferred some 37 billion lira in profits to the Treasury three months earlier than scheduled.
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