Ankara is looking to stave off a decline in the lira and avoid a rise in interest rates – and all that entails for growth prospects and the prime minister’s denunciations of a shadowy interest rate lobby. Developments this week have made things even harder.
First – overnight – came the good news. That was the word from Washington that Federal Reserve plans to rein in monetary stimulus were apparently less than definitive. It was welcome solace for the lira after Turkey’s own central bank sold $2.25bn on Monday and $1.3bn on Wednesday in defending the currency, to limited effect."
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