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Turkish lira gains ground as Erdogan pledges structural reforms

November 11, 2020 at 9:00 pm

A currency exchange office seen in Istanbul, on 6 August 2020 [YASIN AKGUL/AFP via Getty Images]

The US dollar / Turkish lira exchange rate fell rapidly on Wednesday as President Recep Tayyip Erdogan vowed to open a new era to improve investment climate in the country, Anadolu reports.

The rate dropped to 7.99 level as of 14.23 local time (1123GMT) and then below the level of 7.9.

The rate is currently at around 7.91 level, while it was around 8.5 last week.

Earlier, Erdogan said Turkey will be holding a series of meetings with international investors to talk about opportunities, potential, and support the country will extend to them.

He said Turkey is set to make structural reforms to improve the investment environment, increase the depth of financial markets and the quality of public revenues and expenditures, and to prevent informality.

The president stressed that Turkey will achieve its goals by building economic policies on three pillars; price stability, financial stability, macroeconomic stability.

Erdogan also said that Turkey’s macroeconomic stability will get stronger by increasing harmony between monetary and fiscal policies and financial policies.

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