Turkish Banks Association Pledges Cooperation To Curb Depreciation Of Lira

Umer Jamshaid Published August 07, 2020 | 05:30 PM

ISTANBUL, Aug 7 (UrduPoint / Pakistan Point News - 7th Aug, 2020 ) :The Banks Association of Turkey on Friday pledged more cooperation to curb the sharp depreciation of the Turkish lira against the U.S. dollar.

The association said a three-hour-long meeting was held in Istanbul the previous night over the latest developments in the exchange rates with a strong emphasis on "cooperation" and "coordination.

" The meeting was aimed at ensuring that the banking sector continues to steadily sustain the growth in the country and contribute to the financing of economic activity, the association said at a statement on its website.

On Thursday, the Turkish Currency tumbled over 3 percent to 7.27 and was traded at 7.31 liras versus the Dollar as of 10:00 a.m. (0700 GMT) on Friday.

Since the beginning of this year, the currency has lost nearly 20 percent of the value against the U.S. currency. Meanwhile, one euro was traded at 8.66 liras on Friday, up from 8.19 on Tuesday.