Turkish lira rises as central bank launches ‘incentive’ scheme

Selling pressure eases as new facility unveiled, but outlook remains uncertain

CBRT
The Central Bank of the Republic of Turkey
CBRT

The Turkish lira has partially reversed a steep decline after the Central Bank of the Republic of Turkey unveiled a new scheme to encourage people to hold lira assets.

Around noon London time today (December 22), the currency was trading at 12.2 to the US dollar, up from a trough of 18.3 on December 20.

The recovery appeared to be in response to the CBRT’s announcement of a guarantee scheme for people who convert foreign exchange holdings into lira time deposits. The central bank says on

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.