Turkish lira joining mainstream

- By FX Markets Staff
- @FXMarkets_
- 12 Dec 2005

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Not running into millions against the dollar has certainly helped the lira on its path to respectability. The decision to wipe six zeros from the unit from the start of this year (FX Week, January 10) definitely helped the currency's status. "The revaluation of the lira was a very powerful signal to the rest of Europe that Turkey is ready for change," says a trader at a German bank in London.

Marios Maratheftis, FX strategist at Standard Chartered in London, agrees: "Dropping those zeros made it

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