Turkish Lira moves to rise against the dollar
The Turkish Lira on Friday moved to growth in tandem with the us dollar, Euro and other currencies for the first time in five sessions after the government raised the tax on dollar deposits to force investors to invest in assets in Lira.
At the same time, the Turkish authorities abolished the tax on accounts in Lira for more than a year, previously such a tax was 10%, Bloomberg reports.
Immediately after the announcement, the Turkish national currency rose by 3.9% to the dollar, but then slowed the rise. To 11:59 GMT the dollar was down 1.4 percent to 6,5618 liras per dollar against 6,6542 liras at the close on Thursday..
The decrease of the Lira against the dollar since the beginning of the week is more than 10%. This year, the Lira is one of the weakest currencies of emerging markets, only the Argentine peso overtakes it in terms of the rate of decline.