Turkish Lira gains huge ground against foreign currencies

A move by the Central Bank of Turkey to calm financial markets by promising to simplify its complex system of interest rates has triggered the biggest leap in the lira in more than a year.

This saw the Turkish Lira regain some ground against foreign currencies to start the day at 4.47 against the USD, 5.2 against the Euros and 5.95 against the British Pounds Sterling.

The dollar which sold for over 4.63 on Tuesday, dropped to 4.47 on Wednesday morning before moving to the 4.54 level.

Also, the Euros and Pounds traded below 5.25. and 6.02 against the Turkish Lira on Tuesday.