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Turkish lira strengthens after central bank promises tight policy

Turkey’s lira strengthened some 1 percent against the dollar on Friday, supported by a fall in US bond yields, a day after the new central bank governor promised that tight monetary policy would remain in place.

The lira firmed as far as 7.9890 against the dollar from 8.1 at Thursday’s close. At 0852 GMT, it stood at 8.0250. The currency weakened to near its record lows in March after President Tayyip Erdogan appointed Sahap Kavcioglu as central bank governor.

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The trading volume in the session was light due to a public holiday in Europe and elsewhere.

Data on Thursday showed Turkish locals’ sold more than $8.8 billion worth of forex and precious metals holdings as the lira lost value in the week after the central bank governor’s removal.

In the two weeks after the central bank change, locals sold a total of $11 billion of foreign currency holdings, including under the mattress savings, chief presidential adviser Yigit Bulut said in an interview with broadcaster CNN Turk.

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