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Feb 07 2019

Turks buy dollars after lira rally

Turks have continued buying dollars for liras even after the local currency gained this year, according to data from the central bank cited by Dünya newspaper.

Citizens increased their holdings by $2.26 billion in the week ending Feb. 1, Dünya said on Thursday.

The Turkish lira has rallied by 0.7 percent in 2018, continuing gains from a record low of 7.22 per dollar in August. It traded down 0.8 percent at 5.25 per dollar at 5:09 p.m. in Istanbul. The central bank’s tougher stance on interest rates has prompted foreign banks including Citigroup and Switzerland’s UBS to recommend buying lira.

Meanwhile, foreigners bought a net $270.1 million of Turkish shares and $105.9 million of local bonds in the week to Feb. 1, according to central bank figures, Dünya said. Foreigners own a total of $34.1 billion of shares and $35.3 billion of bonds.