Download us to s exchange rate1/31/2024 Interestingly, a pivot from the unconventional policies in recent years already seems to be emerging. The analyst mentions, "Her appointment will reinforce expectations that an important policy shift is now underway in Turkey". Possible Monetary Policy ChangesĮrkan's appointment, coming after Mehmet Simsek's as the new treasury and finance minister, suggests a pivotal policy shift may be in progress. She becomes the first female Governor of the Central Bank of Turkey", Hardman adds. "Hafize Gaye Erkan is a former banking executive in the US having worked at First Republic Bank and Goldman Sachs. It follows the official announcement that President Erdogan has appointed a new Governor for the Central Bank of Turkey", says Lee Hardman, Senior Currency Analyst at MUFG. "The lira has resumed its sharp sell-off today resulting in USD/TRY rising up to the 23.500-level. Highlighting the political undertones to the Turkish Lira's (TRY) performance, the recent announcement by President Erdogan of a new governor for Turkey's central bank has caught the market's attention. Key Appointments in Turkey's Central Bank The GBP/TRY exchange rate is seen trading at 29.4832 and EUR/TRY is 25.2946. Influential appointments in the Central Bank of Turkey have prompted speculation on a major policy shift, while the market keenly observes potential monetary tightening efforts.Īt the time of writing, the US Dollar to Lira (USD/TRY) exchange rate is quoted at 23.4517, 0.22 percent lower on the day. In a climate of substantial economic change in Turkey, the Turkish lira's (TRY) ongoing downward trend against the US Dollar (USD), Euro (EUR), and the Pound Sterling (GBP) has heightened.
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