Turkey central bank says it has no commitment to exchange rate as lira records historic low
November 24, 2021, 1:04 am

Turkey central bank says it has no commitment to exchange rate as lira records historic low

Turkish lira/Pixabay

The Xinhua reported, the Central Bank of the Republic of Turkey (CBRT) said Tuesday that it upholds its policy of implementing a floating exchange rate and has no commitment to "any exchange rate level" as the lira, the country's currency, nosedived in forex markets to a record low.

In a written statement, the CBRT said that exchange rates are determined by supply and demand conditions according to free-market dynamics.

It stated: "Under certain conditions, the central bank may only intervene in excessive volatility without aiming any permanent direction."

The bank also indicated the dramatic fluctuation in Turkish forex markets is divorced from the country's economy.

Turkey-Istanbul bridge/Pixabay

The bank said: "In FX markets, unhealthy price formations are being observed that are unrealistic and completely detached from economic fundamentals."

It said, the CBRT "deemed it necessary to warn" the companies and citizens of the country against "possible losses by trading at values completely detached from economic fundamentals under extremely volatile market conditions."

The Turkish lira's exchange rate on Tuesday lost nearly 10 percent to 13.44 liras against the U.S. dollar before recovering some of its loss in late afternoon.

Turkey's President Recep Tayyip Erdogan, who supports interest rate cuts, said late Monday that Turkey was in a "war of economic independence."

After the lira crash, Erdogan had an unscheduled meeting with the central bank governor in the late afternoon.

Source: xinhua

58 cities in Brazil cancel Carnival 2022 celebrations for fear of COVID-19 outbreaks Russian president stresses two-state solution to Israeli-Palestinian conflict

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”