Business & Economy

Turkish actions to strengthen the central bank reserve

Turkey is trying to restore its central bank’s hard currency hemorrhage after major losses this year due to the fall in the lira’s exchange rate against the dollar.
On this basis, Turkey has asked exporters to convert one quarter of export revenues into lira.
In its decree, the Central Bank stated that it would purchase 25% of the total export income of goods, as long as exporters received payments in dollars, euros or pounds sterling, according to Bloomberg.
The measure aims to strengthen Turkey’s foreign exchange reserves by forcing companies to retain some of their overseas sales revenues in local currency.

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