conflict between Turkey and Syria at the center of attention

.despite rising in quantity of industrial products of Turkey, pound/ lira exchange rate increased 0.3% last week to about 7.865

The growth rate in December was 9.1 percent and the year-on-year increase was 6.8 percent.

Mustafa Varanak, Turkey’s minister of industry and technology, said “We are working in a year where growth rates are rising, the real sector of the economy is growing and employment is rising. If we look at last year, all the indicators remained positive. The high popularity of capital goods, intermediate products, and advanced technology shows that we are on the right track.”

However, after Erdogan announced his resolute decision to confront Syria and pressure Syrian President Bashar al-Assad’s forces from the northwest of Turkey’s Idlib Ler Province, the Turkish Lir has come under pressure.

As a result, market demand for the Turkish lira has declined as concerns over the likelihood of a direct confrontation with the Russian-backed Assad regime.

Last updated on Saturday 22, Feb 2020.