The lira oscillated around 19.6 units per dollar, its worst historical value, saving a momentary low from last Friday that reached similar values, and marking an accumulated loss of 1% since the beginning of the month.
The lira marked its lowest historical value against the dollar on Monday and the Istanbul Stock Exchange fell 6.1% due to the prospect that the election of the new president will be delayed until a second round on May 28after the current head of state, Recep Tayyip Erdogan will win this Sunday but without an absolute majority.
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The lira oscillated around 19.6 units per dollar, its worst historical value, saving a momentary low from last Friday that reached similar values, and marking an accumulated loss of 1% since the beginning of the month. It rose slightly against the euro, in reaction to the drop in the European currency against the American one.
since last summer, The lira lost value against the dollar gradually, with only minor fluctuations, and many Turkish analysts warn that the Turkish Central Bank keeps the exchange rate artificially stable through interventions and restrictions to the purchase of foreign currency by companies.
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In fact, in recent weeks, the exchange market of the Grand Bazaar in Istanbul began to offer exchange rates that for the first time in decades differ from the official oneswith the lira up to ten percent cheaper than at the bank.
The Istanbul Stock Exchange also started the day with an initial decline of 6%, but recovered slightly to 3% after the authorities halted trading to avoid a sell-off of shares, a mechanism the Stock Exchange applied numerous times in the past. last year. However the stock market lost 6.1% at the close.
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