XAU/TRY Currency Chart. Gold Ounce to Lira
Policymakers in emerging markets frequently complain that foreign capital is fickle. But foreign capital could be forgiven for having a similar gripe about emerging markets. On a conference call on May 6th Turkey’s finance minister, Berat Albayrak, was solicitous and reassuring, telling nervous overseas investors that the country’s dollar reserves were adequate and its commitment to market principles was firm. But the next day the banking regulator turned cold, reprimanding three foreign banks, BNP Paribas, UBS and even Citigroup, which helped host the call, for failing to meet their lira obligations on time. As punishment, it barred them from the country’s currency market. Four days later, the mood changed and the ban was lifted.
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