Borsa Istanbul converted all medium and long term forex assets into Turkish Lira

Hilal Sarı / İstanbul, May 23 (DHA) - Borsa Istanbul converted all forex assets except short term liabilities into to Turkish Lira as of today, after dollar climbed its historical level with dollar/lira reaching 4.8213 in the early hours.
In the statement made by Borsa Istanbul, following remarks were made;
“As of today, we converted all forex assets except short term liabilities into to Turkish Lira.
“We advise our companies to use our forex derivative options and all other risk management instruments on our Derivatives Exchange for their medium and long term forex requirements, rather than buying foreign exchange in spot market.
“Speculative approaches that express a negative perception regarding our economy ahead of the elections are not supported with current economic indicators. As Borsa Istanbul Group, we would like to reaffirm our confidence in our economy and Turkish Lira for all our companies and shareholders.