The Turkish lira stabilized while the U.S. dollar slipped on Tuesday as Turkey’s central bank promised to save the country’s financial crisis.
Turkey’s central bank announced on Monday a series of measures to offer liquidity and cut reserve requirement for banks, in a bid to saving lira from its crisis driven by the U.S. sanctions and doubled tariffs on silver and aluminum for 50% and 20% respectively.
Equity markets slumped while investors seek refuge in safe haven currencies including the U.S. dollar and gold despite attempts by Turkey’s central bank to halt the crisis.
“Turkey is faced with an economic siege. We are taking the necessary steps against these attacks and will continue to do so,” President Erdogan said on Monday.
