by dksbbs » 18 Apr 2011 15:09
The Governer of the Turkish Central Bank has today left, this has made the currency markets nervous and the £ has gained strength against the Lira.
In the last few hours the intebank rate for the Lira has gone from 2.4688 to 2.5064 to the £. Thats an increase of 0.03660
The official handover to the new governer will be tomorrow.
Interesting comment made on the Turkish Central news
Durmuş Yılmaz has been something of a riddle as governor of Turkey’s Central Bank. He has had a steady hand on the inflation tiller and he staked his independence from the government early on after it mishandled the 2006 succession. But, as he retires this week, he bequeaths an unorthodox monetary policy on his successor that has highlighted the imbalances that threaten Turkey’s economy,” the article said. “With an election looming, the current account deficit widening and banks screaming that monetary policy is biting into their profits, new governor Erdem Başçı has an overflowing in-tray.”
It may be worth watching over the next few days.
Dave