The lira fell 0.1% to 17.5800 liras per dollar at 11:35 am Istanbul time, according to the “Bloomberg” news agency, which raises its losses within a year to more than 24%, which is the largest decline among its peers in emerging markets.
The central bank kept interest rates at 14% during its past six meetings, despite inflation rising 78.6% on an annual basis in June, the highest pace since 1998.
Ibrahim Aksoy, chief economist at HSBC Asset Management Turkey, expects the lira to become more volatile in the last quarter of the year due to Turkey’s widening current account deficit and huge debt repayments.
