The Turkish Lira And US Data, What is to Come?

For the second day in a row, the Turkish lira is trying to rise against the US dollar, after Turkey announced the discovery of a natural gas field. Natural gas discoveries raise the Turkish lira because they contribute to creating a balance in the balance of payments and reduce imports.

Today, the Turkish lira records 8.5461 Turkish liras per US dollar, down from 8.70 Turkish liras per dollar, and the Turkish lira reached after Erdogan announced that the interest rate should be reduced.

Turkey’s central bank governor, Şahap Kavcioglu, tried to calm the market by saying that the interest rate is stable at 19% as long as inflation remains high.