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Markets

After a slide, Turkish lira steadies ahead of rate decision

  • The lira stood at 8.665 against the dollar at 0603 GMT, little changed from Wednesday's close of 8.6625
23 Sep 2021

ISTANBUL: Turkey's lira opened trading flat on Thursday ahead of a central bank meeting at which a surprise rate cut was seen as a remote possibility, and after the US Federal Reserve signaled it will soon begin trimming its monetary stimulus.

The lira stood at 8.665 against the dollar at 0603 GMT, little changed from Wednesday's close of 8.6625.

The currency has declined some 4.5% in two weeks as dovish comments from the central bank were seen as preparing the ground for an interest rate cut long sought by President Tayyip Erdogan.

The policy rate has remained at 19% since March.

Most economists expect the bank to hold steady on Thursday after inflation rose to 19.25% in August, while a minority said in a Reuters poll it could begin cutting given political pressure.

The Fed - heading in the opposite policy direction - said on Wednesday it will likely begin reducing monthly bond purchases as soon as November, and signaled rate rises may follow more quickly than expected.

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