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Market Update: Turkish Lira Little-Changed Ahead of CB Meeting
Turkeys lira traded around 8.5 against the US dollar after a volatile start to the week, amid strained US-Turkey relations and ongoing concerns over the central banks credibility ahead of a policy meeting on Thursday. Earlier this week, President Recep Tayyip Erdogan reiterated the country’s stance on the S-400 missile-defense system it purchased from Russia following his first face-to-face bilateral meeting with US President Joe Biden, which could trigger a new round of US sanctions. Meanwhile, Turkey’s central bank policymakers are expected to hold interest rates at current levels despite the rising inflationary pressure. The lira touched an all-time low of 8.8 per USD during the first week of June after Erdogan called for lower interest rates, following the sacking of three central bank governors in less than two years. [/s2If]
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