Wednesday, July 17th 2019 11PM °C nicosia
13-05-2019 12:09 | Read 396 times

Govt urged to 'set up a crisis desk' i faces of TL decline

PEOPLE have been advised to cancel holidays and expensive purchases in anticipation of rising prices as the spectre of last year's slump in the Turkish lira came back to haunt the TRNC amid new domestic and international turmoil in Turkey.

Govt urged to 'set up a crisis desk' i faces of TL decline

Economists urged the government to set up a crisis desk and speed up signature of a delayed financial protocol with Turkey in the face of an exchange rate slide which saw the lira lose 2.5 per cent of its value in two days (Weds evening) to end the week at xxx against the pound, xxx against the euro and xxx to the dollar.

Investors already spooked by growing tensions over Ankara's plans to drill for hydrocarbons in parts of the eastern Mediterranean claimed by the Greek Cypriots took flight from the lira after Late Monday's announcement by the Turkish Supreme Electoral Board that the local election in İstanbul would be re-run.

The decision revived concerns that economic reforms could be delayed, driving this week's fall on top of last year's 30 per cent decline when Turkey tipped into recession, followed by a further 16 per cent slippage so far this year.

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