In a statement, the bank noted that it will continue with the $50 million daily sales it initiated over four months ago unless it becomes appropriate to make a more voluminous sale to maintain the lira's strength against major currencies.
The dollar has almost steadily gained value against the lira since early this year, mainly because of investors' trust of the greenback and Turkey's high current account deficit (CAD). The dollar rose from TL 1.54 on Jan. 1 to around TL 1.90 recently. The lira, however, was not the only currency to melt against the dollar. The same held true for the currencies of most emerging economies, including Brazil, Russia and South Africa. One exception to that was China, whose yuan gained nearly 4 percent against the dollar, mainly due to the country's growing trade surplus and increasing American pressure on the communist regime to let it float freely.
A recent survey of 20 leading banks inside and outside Turkey suggested that 2012 will, however, be a year for the lira to regain most of the losses it incurred against the dollar this year. According to the survey, by the end of June, the lira is expected to have rallied 4.4 percent for the biggest gain against the dollar among 33 global currencies ranked by Bloomberg.
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Source : todayszaman.com
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