Erdogan to launch election campaign from eastern Turkey
The Turkish Central Bank on Wednesday announced an increase on late liquidity window interest rates by three percentage points. The lira has lost more than 20 percent of its value against the dollar since the beginning of this year.
After the steps taken by the officials, the lira recovered to 4.55 against USA dollar and 5.33 against euro after the day's record lows of 4.92 and 5.74, respectively.
The lira fell more than 5% Wednesday against the USA dollar to hit a new record level of 4.9290, pushing toward the psychological level of 5 to the dollar, Reuters reports.
For its part, the central bank said in a statement after its meeting that it would continue to use all available instruments in pursuit of its price stability objective.
"Accordingly, the committee chose to implement a strong monetary tightening to support price stability".
Erdogan has always painted himself as a champion of the Turkish economy, pointing to how growth and investment have expanded under his rule after the misery of Turkey's 2000-2001 financial crisis.
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Turkey's lira is in free-fall, losing five percent of its value in one day and adding pressure on the central bank to increase interest rates, which could slow the economy.
The next scheduled meeting of Turkey's central bank had not been due until June 7 but economists had said an emergency - and substantial - rate hike by the central bank is not only on the cards, but essential. The Turkish Lira, hampered by a country riddled with political strife and failed coup attempts, is rapidly approaching the 5.0000 level against the US Dollar, after starting out nearly on par with the Greenback at 1.1493 in April of 2008.
Erdogan said Turkey had the means to stem the currency fluctuation, and he vowed to adopt new measures after the June 24 polls to stem inflation and the nation's current account deficit.
He hurt the lira last week by saying he plans a greater say in monetary policy if he wins the elections, which markets saw as a slap in the face of the nominally independent central bank. Following the bank's decision, the dollar/lira rate fell below 4.60.
In tweeted comments made just after the central bank convened for its emergency rate-setting, Turkey's Deputy Prime Minister Mehmet Simsek-the head of the government's economic team who is often described as the last "market friendly" voice in the Cabinet-said it was high time that Turkey restored its monetary policy credibility.
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