Turkish lira remains stable after US sanctions

Turkish lira remains stable after US sanctions
Turkey's lira remained stable after the United States announced Monday to impose sanctions against the country over its offensives into Syria.

After Turkey launched offensives into northern Syria, the US threatened Turkey several times to destroy its economy with sanctions. And US officially announced the sanctions on Monday, urging Turkey to stop its offensives immediately.

Turkish lira fluctuated slightly after the sanctions, but remained stable. The exchange rate of Turkish lira to US dollar stood at 5.89 to 1 at 22:00 Tuesday local time, no substantial devaluation.

At a money exchanger in Turkey's capital, Ankara, customers were scarce.

"In the past when the US dollar appreciated just a little, people would come here, queuing in line to exchange US dollars. But now, there is none," said Ilknur, an employee of the money exchanger.

Last year, Turkish lira slumped to a new low at 7.24 to 1 after the US announced to raise tariffs on Turkish steel and aluminum products to 50 percent and 20 percent respectively in August 2008.

But current situation showed that this round of sanctions had limited effect on Turkey's economy.

Many local people expressed their opposition to US arbitrary sanctions.

"We don't like and don't accept US actions. All countries should mind their own business," said a resident.

"The US may wishfully think to shape Turkey at their will," said another.

"I don't think the sanctions will make any different, and I don't think about it," said a resident.

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