Do More With Reuters
Partner Services

Turk lira down 1.5 pct after inflation goal revisions

Wed Jun 4, 2008 1:10pm IST
 
Email | Print | | Single Page
[-] Text [+]

ISTANBUL, June 4 (Reuters) - The Turkish lira weakened 1.5 percent against the dollar on Wednesday after the Central Bank sharply raised its inflation targets for the next three years.

The lira IYIX= traded at 1.2400 against the dollar at 0735 GMT, softening from Tuesday's interbank close of 1.2220.

The Central Bank hiked next year's end-year inflation target to 7.5 percent from the current 4 percent and the government said it accepted the proposals. It also proposed new targets for 2010 and 2011. The revision came after May inflation exceeded 10 percent year-on-year, more than double the bank's target.

Dubai Debt Fears

Villas are seen on the The Palm, Jumeirah, with Atlantis, The Palm, under construction on the breakwater (crescent), May 3, 2008.  REUTERS/Jumana El Heloueh

Banks outside the Gulf played down their exposure to Dubai debt, after fears the emirate could default and even derail world economic recovery prompted a sell-off in global markets.  Full Article | Slideshow 

A man walks with the Indian national flag in front of the Taj Mahal hotel, one of the sites of last year's militant attacks, in Mumbai November 26, 2009.  REUTERS/Punit Paranjpe
One Year Later

Mumbai held tearful memorials as it marked the first anniversary of militant raids that killed 166 people.   Full Article | Full Coverage