IMF saves Turkey for Christmas
CURRENCY BRIEFS
Concerns that weeks of turmoil in the Turkish banking sector would precipitate a devaluation of the Turkish lira and the collapse of its banking system were allayed by an IMF loan last week for $7.5 billion.
The Turkish central bank had an agreement with the IMF that if the lira depreciated against major currencies, the IMF would provide reserves for remedial action.
A depreciation in the lira could be catastrophic for the economy, say analysts, which is experiencing consumer price inflation of 43
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