Turkish lira flat, shrugs off top generals quitting
Aug 01, 2011 - 12:00 am GMT+3
by Aug 01, 2011 12:00 am
The Turkish lira traded steady early on Monday, shrugging off the decision of Turkey's top four generals to quit as investor attention focused on the last-minute deal reached in the United States to avoid default.
The lira stood at 1.6804 against the dollar, compared with an interbank close of 1.6805 on Friday. The currency had initially weakened to 1.7 on Friday evening immediately after news of the generals' decision emerged.
Investors will be monitoring the four-day Supreme Military Council (YAS), starting on Monday, which will decide on key military promotions in the wake of the generals quitting.