Euro Exceeds 4 TL

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The US Dollar exceeded 3.77 Turkish Lira (TL), and the Euro started to be traded between 3.97-3.99 TL today (January 10).

Euro exceeded 4 TL for the first time.

Causes behind exchange hike

Among the reasons behind the exchange hike, the thought that Central Bank may not use its trump card of interest due to political pressures.

The hike is also caused by disputes on new constitutional draft in addition to financial data.

Furthermore, growing security risks in Turkey negatively affect investors.

Another factor is considered Fitch's upcoming rating to be discussed on January 27.

On the other hand, Vice Prime Minister Nurettin Canikli advocated that Turkey's economy is strong and described Moody's assessment of banking sector in Turkey as "an attack". (YY/TK)