Turkish lira declines

The Turkish lira fell slightly on Friday after the Treasury, the Central Bank and other government institutions announced a series of measures to support the economy.

The lira fell to 17.24 per dollar in early trading from Thursday’s close of 17.20.

The lira had risen as high as 16.8 on Thursday night, after the Treasury said in a statement that a series of new steps “oriented towards finding solutions” to the beleaguered economy would be announced by rising inflation and the lira’s slide.

But the Turkish currency gave up those gains after the announcement of measures that included the issuance of local bonds linked to the income of state companies to encourage Turks to set aside savings in assets in lira, and the imposition of a new maturity limit on consumer loans.