Financial times praises revival of Turkish Lira

In an analysis entitled "Reviving the Lira," the Financial Times daily over the weekend stressed the recovery of Turkish lira. "The skies were dark over Istanbul on Friday, but for the Turkish central bank the clouds have lifted. After a titanic struggle to defend the Turkish lira – which involved spending some $15bn of reserves and increasing effective interest rates from 5.75 per cent to around 12 per cent – the pressure is off, at least for now. The lira has strengthened from its low point last month of about TL1.92  to the dollar, trading at around TL1.82 on Friday – and interest rates have come down," the  analysis wrote, adding, "One big factor in lifting the sense of siege is improved sentiment about emerging market risk across the world; another has been the central bank's own steps."