Turkish Lira Gains as Erdogan Meets Basci

The Turkish lira gained today as central bank Governor Erdem Basci met President Recep Tayyip today, giving hope that criticism of the bank’s policy will be tone down.

Turkish authorities were criticizing the Central Bank of the Republic of Turkey lately for not performing deeper interest rate cuts. Yet it looks like they are backing off now after the lira dropped more than 10 percent against the dollar during the last few weeks. While the meeting of the President and the Governor does not mean the end of problems, it was well-received by market participants, sending the currency higher.

USD/TRY went down from 2.6101 to 2.5929 as of 11:31 GMT today.

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