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Turkish Lira Firmest in Three Months

Turkish Lira Firmest in Three Months

Wednesday, 7 November, 2018 - 15:00
A 100 Turkish lira banknote is seen on top of 50 Turkish lira banknotes in this picture illustration in Istanbul, Turkey August 14, 2018. REUTERS/Murad Sezer/Illustration
Ankara- Said Abdel Razek
The Turkish lira traded at 5.34 against the dollar on Tuesday, around its strongest levels in three months, supported by investor optimism after it received a waiver on US sanctions targeting Iranian oil.

According to Turkish media, a delegation from Turkey's Independent Industrialists' and Businessmen's Association (MUSIAD) conducted a visit to Tehran on Tuesday to discuss possible commercial cooperation means between the two countries.

On another level, automotive industry exports hit $2.9 billion in October, marking a year-on-year rise of 11 percent. Meanwhile, the share of the automotive industry in total exports stood at 19 percent. As far as product groups go, exports by the automotive sub-industry grew by 3 percent to $939 million, private car exports by 10 percent.

On the country basis, exports to Germany decreased by 2 percent, while exports to the US rose by 24 percent, to Poland by 15 percent, to Morocco by 40 percent, and to Algeria by 122 percent. Also, exports to Romania, Spain, and Iran, which are among the major markets, dropped by 12 percent, 10 percent and 74 percent, respectively.

Further, the Union of Chambers and Commodity Exchanges of Turkey revealed in a statement that 5,000 firms, whose founders originate from 25 European countries, were established since 2013 until the end of last month. Investors from Germany placed first, establishing 1,602 companies. The statement added that up to 15,000 companies were established in the same period by investors from 13 states from the Gulf and the Middle East.

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