• Short Summary

    The Turkish Government announced a drastic devaluation of the lira on Wednesday (1 March) cutting its value by nearly 30 per cent against the dollar.

  • Description

    The Turkish Government announced a drastic devaluation of the lira on Wednesday (1 March) cutting its value by nearly 30 per cent against the dollar. This was a key move in a package of economic measures aimed at checking the flow of imports which had drained the nation's foreign reserves. According to Reuters, the amount of the devaluation was higher than expected, and reflected the government's concern to close the huge foreign trade gap and to reopen credit lines from abroad.

    SYNOPSIS: Since devaluation, a delegation from Turkey has begun negotiations with the International Monetary Fund for a credit agreement to ease the country's shortage of foreign exchange. When the devaluation was announced there was very little protest from the country's business community. Mr Berk Kocer, the Deputy Secretary General of the Turkish Industrialists and Businessmen's Association explains the importance of the new monetary policy.

  • Tags

  • Data

    Film ID:
    VLVA1D0Q9WZDS31TQQO2U5KGP6OQS
    Media URN:
    VLVA1D0Q9WZDS31TQQO2U5KGP6OQS
    Group:
    Reuters - Including Visnews
    Archive:
    Reuters
    Issue Date:
    04/03/1978
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:02:17:00
    Time in/Out:
    /
    Canister:
    N/A

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