The Turkish Lira cheered Central Bank Governor Şahap Kavcıoğlu's announcement late on June 22 that the country was in talks to secure currency swap agreements with four countries and was close to a deal with two of them.
Kavcıoğlu's remarks came during a meeting with bank executives, according to media reports.
The lira lost 17% of its value in the Asian markets
The International Finance Corporation (IFC) said on June 22 it has introduced an innovative financial instrument to expand the availability of Turkish Lira financing for private enterprises in Turkey.
The IFC, a member of the World Bank Group, has become the first multilateral institution to issue lira-denominated discount notes.
Now that the lira and other emerging market (EM) currencies have somewhat stabilized, at least for the moment, it may be useful to try to understand why some underperformed, while others overperformed, peers.