Turkish lira gains from near record low as COVID-19 restrictions eased

Turkey’s lira rose on Monday from close to a record low after the government eased a two-week lockdown on the population that shuttered non-essential businesses.

The lira climbed by 1 percent to 8.36 per dollar on Monday afternoon local time.

The currency fell to 8.51 per dollar late last week, approaching an all-time low of 8.58 per dollar, due to concerns about global inflation.

President Recep Tayyip Erdoğan’s government lifted a daytime curfew covering weekdays and eased an intercity travel ban after new cases of COVID-19 fell to just over 10,000, the fewest since late March. Night-time and weekend curfews remain in place.

The lira has slid in value from 7.19 per dollar in mid-March after Erdoğan replaced the governor of the central bank. The management change heightened concerns about monetary policy. Inflation in the country accelerated to 17.1 percent in April, the highest in major emerging markets after crisis-hit Argentina.