Turkey’s economic growth report boosts lira

The Turkish lira continued to recover against the US dollar on September 11, after the country’s official statistics authority announced soaring economic growth.

The lira’s recovery swiftly followed the report by the Turkish Statistical Institute (TÜİK) which stated that there had been a 5.1 percent economic growth for the second quarter of the year and an above 1.1 percent rise in the country’s benchmark stock index, the BIST 100.

Turkey’s finance minister said tourism revenue growth and higher exports would help growth accelerate in the third quarter.

A dollar was exchanged for 3.51 lira on average last month, while the average during the first eight months was 3.61.

According to Turkish Central Bank data, the dollar/lira rate was 3.02 on average last year and 2.71 on average in 2015, data compiled by state-run Anadolu Agency showed on September 11.

The dollar/lira exchange currently at 3.433 (UK£4.557) (midday today)


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