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Turkish central bank move to control lira slide after polls

Xinhua, June 8, 2015 Adjust font size:

Turkey's Central Bank on Monday cut the interest rates on foreign exchange deposits to control the slide of the Turkish lira amid political uncertainty after the legislative elections.

The deposit interest rate for the U.S. dollar and euro was reduced by 0.5 percent to 3.5 percent and 1.5 percent respectively, the bank announced.

The Turkish currency fell by 5 percent against the dollar to 2.79 lira after preliminary results showed that there would be no parliamentary majority for the ruling Justice and Development Party (AKP).

The stock exchange plummeted about 10 percent on Monday, Anadolu Agency reported.

The Turkish stock exchange, Borsa Istanbul, plummeted 8.15 percent in the opening session. Later, it recovered a little to a loss of about 6.10 percent in the early trading hours on Monday.

The lira slipped to 2.7 to the dollar on Thursday as the U.S. dollar gained globally.

The lira has weakened about 15 percent against the dollar this year.

Turkey's economy is suffering from unemployment and inflation. Endit