sanctions which could put the lira
under renewed pressure.
lost as much as 2.5 percent against the dollar on Monday after results showed President Tayyip Erdogan's AK Party on track to lose control of both Ankara and Istanbul, his popularity hit by the recession that the lira
's losses in large part triggered.
The central bank, which surprised markets last month when it left interest rates unchanged despite double-digit inflation and the tumbling lira
, announced the moves on liquidity and reserves after Finance Minister Berat Albayrak said authorities would start implementing an economic action plan on Monday.
The improving exchange rate of the Turkish currency helped ease fears for other emerging currencies which have become entangled with the lira
She pointed out that there is a large demand by foreigners and Iraqis in particular to buy apartments as a result of the depreciation of the lira
and the currency the sale and purchase are dealt with, which is a temptation for foreigners to invest the opportunity, especially in the tourist areas and Antalya in the forefront,/ End
Turkey floated its old lira
in 2001, and in 2003, the IMF came to Turkey's rescue with a $16 billion loan package.
The Turkish leader has also urged Turks to convert their dollar and euro savings into lira
, in an effort to help shore up the currency against what he called "plots on foreign exchange."
Last month, the CBRT hiked its rate more than expected, which temporarily helped to support the lira
. This did not last and concerns are growing about the CBRT's ability to curb inflation, especially as this week President Erdogan reiterated his call for lower interest rates and even announced that he would exert more influence on monetary policy if reelected in June, according to Annabelle Rey, Economist, Julius Baer.
"I believed during all those free throws Amari did," Lira
<an hour later, the central bank took the sort of step he seemed to have in mind, cutting banks' forex reserve requirements in a move it said would inject $1.5 billion into the system in a bid to ease pressure on the lira
The case began when siblings Alfonso and Lydia Lira
's dog escaped from an open garage door on New Year's Day 2013.