Cemil Ertem, President Recep Tayyip Erdoğan's senior economic advisor and a Daily Sabah columnist, said the dollar-Turkish lira exchange rate will follow a mild downward path following the Justice and Development Party's (AK Party) emergency convention.
Speaking to official broadcaster TRT Haber in a televised interview on Friday, Ertem said the exchange rate has been exposed to high volatility, although the current levels of the dollar-Turkish lira exchange rate do not create problems that threaten the economy. The dollar-TL exchange rate was at around 2.965 at 2:10 p.m. on Friday. The dollar kept its strong stance against the euro and the yen on Friday, showing rises in value prior to the announcement of United States data on the Purchasing Managers Index (PMI), retail sales and consumer confidence index.
While the dollar did not show much change in value against the yen, standing at 108.87, it strengthened 0.20 percent at 1.1353 against the euro at the same time on Friday.
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