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Turkish postal service converts $172 mln to lira in bid to support currency
December 8, 2016 / 7:28 AM / a year ago

Turkish postal service converts $172 mln to lira in bid to support currency

ANKARA, Dec 8 (Reuters) - Turkey’s postal service (PTT) on Thursday converted $172 million of foreign exchange into lira, in response to a call from President Tayyip Erdogan to boost the Turkish currency, broadcaster NTV reported.

The lira has lost as much as one fifth of its value against the dollar this year, hit by both strength in the U.S. currency and concerns about the widespread crackdown following the July coup. This week it has recouped some losses and is now down around 15 percent for the year. It was at 3.3765 at 0617 GMT.

PTT joined the likes of energy market regulator EPDK, which had decided to hold natural gas distribution tenders in lira instead of dollars, and the Istanbul Stock Exchange, which last week said it had converted all of its cash assets to lira. (Reporting by Tuvan Gumrukcu; Writing by Ece Toksabay; Editing by David Dolan)

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