Turkey's Lira Stable as Erdogan Visits Pakistan
Erdogan's visit to Pakistan marks a significant step in strengthening bilateral ties between the two countries, with a focus on defense cooperation, trade, and regional conflicts, and will be closely watched for its impact on Turkey's economy and regional influence.
Turkish President Recep Tayyip Erdogan has begun a diplomatic tour of Malaysia, Indonesia, and Pakistan, as the Turkish lira maintains its stability against the US dollar, ranging between 35.9710 and 36.0690, amidst challenges from international market strains and tariff threats.
Erdogan's visit to Pakistan is part of a three-nation Asia tour aimed at boosting ties with the region, with a focus on enhancing cooperation in various fields, including defense, trade, and regional conflicts such as the Palestine-Israel conflict, Syria, and the Russia-Ukraine conflict. The two countries have already increased cooperation in the defense industry, with deals signed on naval vessels and unmanned aerial vehicles (UAVs).
The stability of the lira is being closely monitored, with investors watching for the impact of the bond issuance and diplomatic discussions on Turkey's long-term economic health. Turkey has issued a new two-year bond and is engaging in economic talks abroad, highlighting its strategic ambitions and participation in global infrastructure projects.
During his visit to Malaysia, Erdogan was awarded an honorary doctorate in international relations by the University of Malaya in Kuala Lumpur, in recognition of his efforts to strengthen regional ties and promote global cooperation. His meetings with leaders in Malaysia, Indonesia, and Pakistan will focus on enhancing cooperation and addressing regional challenges.
As Erdogan concludes his four-day trip, the outcome of his diplomatic efforts and the impact on the Turkish economy will be closely watched, with the stability of the lira and the success of Turkey's strategic ambitions hanging in the balance.
