NANO Posted March 28, 2019 Share Posted March 28, 2019 The Turkish lira plunged by as much as 5% against the dollar this morning. This week, Turkey has been directing its banks to withhold lira liquidity from the London market, in order to defend the currency until after local elections on Sunday 31 March. The Turkish government had apparently also ordered its banks to keep foreign investors from exiting lira trades, according to reports. That's why the London overnight swap rate rocketed to 1,200% on Wednesday - the highest rate on record - but that is now back towards 50% amid signs that Turkish banks have started provided lira to the market again. Link to comment Share on other sites More sharing options...
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