Turkey’s lira closed out its strongest week on record on Friday, spiking more than 50 per cent with the support of billions of dollars of state-backed market interventions and a promise that the government would cover FX losses on certain deposits.
Turkish banks reacted to the government s new lira-defence scheme by jacking up loan rates in a race to attract lira deposits, in what could be a surprise for borrowers expecting cheaper credit,.
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The currency had plunged on Monday to an all-time low of 18.4 to the dollar, after a months-long slide due to unorthodox interest rate cuts and fears of an inflationary spiral.