Turkey pays heavy price for dollarisation trend, cenbank governor says

Woman holds Turkish Lira banknotes in this illustration taken May 30, 2022. REUTERS/Dado Ruvic/Illustration

ISTANBUL, July 29 (Reuters) – The Turkish economy is paying a heavy price for the continuing dollarisation trend, Central Bank Governor Sahap Kavcioglu said on Friday, adding that the bank will continue implementing its liraization strategy.

In a speech, Kavcioglu also said companies are requested to convert their foreign currency and not buy any more in order to benefit from Eximbank’s financing with lower interest rates and longer maturities.

Reporting by Ebru Tuncay and Ceyda Caglayan; Writing by Ezgi Erkoyun; Editing by Tuvan Gumrukcu

Our Standards: The Thomson Reuters Trust Principles.