ISTANBUL: The Turkish lira traded slightly weaker on Friday, having given up late gains the previous evening after the treasury, central bank and other state institutions announced a series of measures.
The lira weakened to 17.24 against the dollar in early trade from a close of 17.20 on Thursday.
It had firmed as far as 16.8 on Thursday evening after the treasury said in a statement that a series of new “solution-oriented steps” would be announced for an economy beleaguered by surging inflation and a sliding lira.
Turkish lira weakens further after Erdogan vows more rate cuts
However, it gave up those gains after the measures were announced, including the issue of state enterprise income-indexed domestic bonds to encourage Turks to make savings in lira assets, and the imposition of a new maturity limit for consumer loans.
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