Türkiye Lira Flat after Overnight Tumble to Record Low of 19.8 vs Dollar

People walk near Galata Bridge as the sun sets behind Suleymaniye mosque, background right, in Istanbul, Turkey, Thursday, March 9, 2023. (AP)
People walk near Galata Bridge as the sun sets behind Suleymaniye mosque, background right, in Istanbul, Turkey, Thursday, March 9, 2023. (AP)
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Türkiye Lira Flat after Overnight Tumble to Record Low of 19.8 vs Dollar

People walk near Galata Bridge as the sun sets behind Suleymaniye mosque, background right, in Istanbul, Turkey, Thursday, March 9, 2023. (AP)
People walk near Galata Bridge as the sun sets behind Suleymaniye mosque, background right, in Istanbul, Turkey, Thursday, March 9, 2023. (AP)

Türkiye’s lira, which is prone to sharp swings before regular trading hours, was flat early on Friday, after dropping 4.25% to a record low of 19.80 against the dollar overnight.

The lira stood at 18.9575 at 0439 GMT, same as its closing level on Thursday. Overnight, it firmed up some 5.3% to 18.0030 before swinging in the other direction.

Economists are currently weighing the impact of the massive earthquake that hit Türkiye last month.

Presidential and parliamentary elections scheduled for May 14 are adding to uncertainty. They will determine whether Türkiye continues with unorthodox policies under President Recep Tayyip Erdogan or revert to orthodoxy as promised by the opposition.

The lira has been largely stable since August thanks to authorities' heavy hand in the forex market. The Turkish central banks' gross forex reserves declined by about $9.3 billion since the first quake hit in early February.

The currency lost some 30% of its value against the dollar last year due to concerns about monetary policy and the fallout from the war in Ukraine. It had shed some 44% in 2021.



Report: Syrian Officials Plan to Attend IMF, World Bank Meetings in Washington

A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, DC, US, November 24, 2024. (Reuters)
A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, DC, US, November 24, 2024. (Reuters)
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Report: Syrian Officials Plan to Attend IMF, World Bank Meetings in Washington

A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, DC, US, November 24, 2024. (Reuters)
A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, DC, US, November 24, 2024. (Reuters)

Syria's finance minister, foreign minister and central bank chief are planning to attend the annual spring meetings held by the International Monetary Fund and World Bank in Washington, DC this month, four sources familiar with the plans said.

It would be the first visit to the meetings by a high-level Syrian government delegation in at least two decades, and the first high-level visit by Syria's new authorities to the US since former President Bashar al-Assad was toppled in December.

Two of the sources told Reuters it was unclear whether Foreign Minister Asaad al-Shaibani, Finance Minister Mohammed Yosr Bernieh and Central Bank Governor Abdelkader Husrieh had yet received visas to the United States.

Spokespeople for the IMF, World Bank, Syrian foreign ministry and Syrian presidency did not immediately respond to requests for comment.

The other two sources said a high-level meeting focused on reconstruction efforts for Syria could be held on the sidelines of the IMF-World Bank meetings.

Syria has been ravaged by nearly 14 years of a war that was sparked by a deadly crackdown on protests against Assad, with much of the country's infrastructure left in ruins.

The government that took over after Assad was ousted has sought to rebuild Syria's ties in the region and further afield, and to win support for reconstruction efforts.

But tough US sanctions imposed during Assad's rule remain in place. In January, the US issued a six-month exemption for some sanctions to encourage humanitarian aid, but this has had limited effect. Reuters reported in February that efforts to bring in foreign financing to pay public sector salaries had been hampered by uncertainty over whether this could breach US sanctions.

Last month the US gave Syria a list of conditions to fulfill in exchange for partial sanctions relief but the administration of US President Donald Trump has otherwise engaged little with the country's new rulers.

That is in part due to differing views in Washington on how to approach Syria. Some White House officials have been keen to take a more hardline stance, pointing to the new Syrian leadership's former ties to Al-Qaeda as reason to keep engagement to a minimum, according to diplomats and US sources.