The Turkish lira continues to move upward against the US dollar on the back of an announcement by President Recep Tayyip Erdogan about reaching a deal with Russia for the joint monitoring of a ceasefire in Nagorno-Karabakh on Wednesday
ANKARA (Pakistan Point News / Sputnik - 11th November, 2020) The Turkish lira continues to move upward against the US dollar on the back of an announcement by President Recep Tayyip Erdogan about reaching a deal with Russia for the joint monitoring of a ceasefire in Nagorno-Karabakh on Wednesday.
Earlier in the day, Erdogan said that Turkey and Russia had signed a memorandum on launching a joint peacekeeping operation in Nagorno-Karabakh and establishing a control center for monitoring the ceasefire.
The value of the lira has now reached 7.9 per 1 US dollar, as compared to 8.1 immediately after the announcement.
Turkey's national currency has been losing value this entire year, hitting all-time lows almost every month and sometimes several times a month. Experts have linked this to the coronavirus pandemic and, more recently, to the conflict in Nagorno-Karabakh and the disastrous earthquake in Izmir.
November 6 was the last time the Turkish currency hit a historic low � priced at 8.58 lire per 1 US dollar � in the wake of the presidential election in the United States. Turkish Finance Minister Berat Albayrak and Central Bank Head Murat Uysal were dismissed afterward.
The lira picked up growth on this past Monday, after a trilateral Armenia-Azerbaijan-Russia declaration was adopted to cease the Nagorno-Karabakh conflict, in which Ankara supported Baku.
The trilateral declaration on Nagorno-Karabakh entailed a complete ceasefire beginning from Tuesday and the deployment of Russian peacekeepers along the contact line to enforce its implementation. The warring sides have agreed to stop within the current borders of the territories they occupy. They have also agreed to exchange prisoners and the bodies of killed soldiers.