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Undervalued Lira creates jitters among exporters
06
Jul '10
The Turkish Lira has been over appreciating since the last few months, which has brought down the competitiveness of the Turkish textile and apparel exporters, along with also bringing down the already wafer-thin margins.

Zafer Caglayan, the Foreign Trade Minister recently said that the government would undertake measures to reduce the negative impact of the undervalued Lira on the country's exports, which would be discussed at an upcoming Economic Coordination Board (EKK) meeting.

He was speaking to the Antolia News Agency when he said; there are various opinions on the Lira gaining in value against foreign currencies. Some are of the opinion that, the floating exchange rate system should be reviewed, while others opine that an export insurance fund should be set up.

Exporter's bodies have advised the Apex Bank to keep the Lira at a favorable level. They have suggested that the exchange rate preferably should be around US $1 = 1.6 Liras.

Fibre2fashion News Desk - India

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