Lira on four-day skid as Ankara struggles to hold confidence

Published by
Reuters

By Ezgi Erkoyun and Nevzat Devranoglu ISTANBUL (Reuters) – The Turkish lira fell as much as 6% on Thursday, extending a four-day slide after last week’s big gains, as the government struggled to convince savers to ignore the volatility and worries over surging inflation and unorthodox rate cuts. While Finance Minister Nureddin Nebati said Turks’ dollar holdings have been falling, official data showed local holdings of hard currencies soared to a record billion last week. At the same time the central bank’s net foreign currency holdings – its effective buffer against financial crisis – plunged …

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