Turkish lira takes breather from the worst nosedive in 20 years

One of the highest-level visits between Turkey and the United Arab Emirates in years is giving the lira a reprieve from a freefall.

 

President Recep Tayyip Erdogan is meeting Abu Dhabi Crown Prince Sheikh Mohammed Bin Zayed Al Nahyan in Ankara, and the two nations are expected to sign cooperation deals for their wealth funds and stock exchanges.

 

The lira’s rebound comes after an 11-day slide that put its year-to-date loss at 38 per cent, the worst performance among emerging markets tracked by Bloomberg.