The social unrest in Turkey has eased considerably in the last two days, particularly since the Government has consented to putting off the controversial redevelopment of Gezi Park in Istanbul until the public has had a say.
At the current Exchange Rate one US Dollar is worth 1.8535 Turkish Lira as of 15:45 GMT
Courts must now rule on the legality of the proposal before a referendum is held to determine whether the plan goes ahead or not.
According to the Anatolia News Agency Turkish Prime Minister Recep Tayyip Erdogan also met with representatives from the protesting factions who have so vocally opposed the public park’s redevelopment in recent weeks.
His behind-closed-doors negotiations are a marked breakaway from the aggressive anti-demonstrator rhetoric he adopted when the riots first erupted.
The Lira strengthened to 1.8569 against the US Dollar
A spokesman for Erdogan’s Justice and Development Party was quoted as saying: ‘Until the courts give their final verdicts, no action will be taken regarding Gezi Park. Even if the court […] is in favour of our government’s decisions, our government will hold a referendum to see what our people think – what they want and don’t want.’
During the altercations between protestors and police the Lira plummeted, but the currency has since recouped much of its losses.
Peace may be far from fully restored, but as currency trader Onur Bayol observed: ‘The relative easing of the tensions has calmed down the markets.’
The Lira continued to strengthen after a series of worse-than-anticipated US data releases lowered the odds of the Federal Reserve pairing stimulus when it meets next week.
Of particular note was the fact that US consumer confidence fell from a six-year high in June.
Current Turkish Lira (TRY) Exchange Rates
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The Turkish Lira/Pound Sterling Exchange Rate is currently in the region of: 0.3452 >
The Turkish Lira/Euro Exchange Rate is currently in the region of: 0.4053 >
The Turkish Lira/ US Dollar Exchange Rate is currently in the region of: 0.5397 >
The Turkish Lira/Japanese Yen Exchange Rate is currently in the region of: 51.2816 >
The Pound Sterling/ Turkish Lira Exchange Rate is currently in the region of: 2.9011 <
The Euro/Turkish Lira Exchange Rate is currently in the region of: 2.4680 <
The US Dollar/Turkish Lira Exchange Rate is currently in the region of: 1.8535 <
The Japanese Yen/Turkish Lira Exchange Rate is currently in the region of: 0.0198 >
(Correct as of 15:45 GMT)
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