کد خبر: ۵۰۵۰۹
تعداد بازدید: ۱۵۷
تاریخ انتشار: ۱۰ دی ۱۴۰۰ - ۱۰:۵۸
The Turkish lira fell as much as 6% on Thursday, extending a four-day slide after last week's big gains, as the government struggled to convince savers to ignore the volatility and worries over surging inflation and unorthodox rate cuts.

Tejarat Emrouz News, While Finance Minister Nureddin Nebati said Turks' dollar holdings have been falling, official data showed local holdings of hard currencies soared to a record $238.97 billion last week.

At the same time the central bank's net foreign currency holdings - its effective buffer against financial crisis - plunged to nearly a two-decade low.

The lira has shed as much as 20% in four trading sessions, reversing a more than 50% rally over the previous five days triggered by a new state scheme to protect local deposits from depreciation losses versus hard currencies.

However, Thursday's data showed that most of last week's lira appreciation in fact had been driven by central bank intervention, said Per Hammarlund, chief EM strategist at SEB.

"(The locals) are not rushing to convert their dollar savings into lira, that is for sure," Hammarlund added.

On Thursday, the lira weakened to 13.4 to the dollar before recovering to 13.00 by 1630 GMT, still down 4.7% on the day. Swinging from 18.4 to 10.25 over the last two weeks, the lira's dizzying ride has seen Turks' savings depleted and household budgets upended.

The fast-moving currency crisis was set off by a series of aggressive interest rate cuts beginning in September that were sought by President Tayyip Erdogan under his "new economic programme" focused on exports and credit.

Economists and opposition lawmakers called the easing reckless given inflation had climbed above 21%, and is expected to soar beyond 30% this month and in the months ahead, due to the sharp lira depreciation.

Nebati - whom Erdogan appointed earlier this month - said on Wednesday the volatility was not worrying and predicted single-digit inflation by 2023, which is much more optimistic than analysts' views.

Nebati also said there were no state interventions to sell dollars and boost the lira last week, despite data showing reserves fell in what bankers and economists said reflected state-backed market support.

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