Turkey lira: TRY firmed against the US dollar (Image: GETTY) The Central Bank of the Republic of Turkey trimmed its inflation forecast for 2019 as Governor Murat Cetinkaya vowed to bring inflation down to single figures, in line with its target of 5 percent, in three years. In a move that appeared to please markets, the bank lowered its 2019 inflation forecast by 0.6 percent to 14.6 percent. The lira gained more than 0.5 percent from the news and was trading at 5.2767 to the US dollar at 3.30PM UK time. The bank has left its policy rate unchanged since September when it hiked 6.25 percentage points to 24 percent. Related articles India rupee and Turkey lira BOOSTED against US dollar as oil falls Turkey lira PLUNGES against US dollar after Donald Trump warning Concern over calls from President Tayyip Erdogan last year to keep rates low drove a sell-off in the lira in 2018. The Turkish currency plunged by nearly 30 percent against the US dollar while nudging inflation to more than 25 percent in October. Amid fears that the central bank would cut rates before local elections in March, Governor Murat Cetinkaya said the bank would keep a… Read full this story
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