The Turkish lira falls to a new record low against the dollar

Turkish currency, which is the worst performer among emerging market currencies this year, its lowest level ever at 9.35 vs. dollar before closing at 9.34 against the dollar.

The lira has lost 20 percent of its value this year, and half of this decline has occurred since the beginning of last month, when it started Turkish Central Bank Giving accommodative signals despite inflation rising to about 20 percent.

And the Turkish President Recep Tayyip Erdogan On the Central Bank’s demand to facilitate monetary policy, analysts consider that its intervention has eroded the credibility of monetary policy in the past few years.

A surprise rate cut of 100 basis points last month sent the lira sharply lower, according to Reuters.

Economists polled by Reuters were divided on the size of the expected rate cut at Thursday’s Monetary Policy Committee meeting, with some predicting a 50 basis point cut while others expected a 100 basis point cut.

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and touched Turkish currency, which is the worst performer among emerging market currencies this year, its lowest level ever at 9.35 vs. dollar before closing at 9.34 against the dollar.

The lira has lost 20 percent of its value this year, and half of this decline has occurred since the beginning of last month, when it started Turkish Central Bank Giving accommodative signals despite inflation rising to about 20 percent.

And the Turkish President Recep Tayyip Erdogan On the Central Bank’s demand to facilitate monetary policy, analysts consider that its intervention has eroded the credibility of monetary policy in the past few years.

A surprise rate cut of 100 basis points last month sent the lira sharply lower, according to Reuters.

Economists polled by Reuters were divided on the size of the expected rate cut at Thursday’s Monetary Policy Committee meeting, with some predicting a 50 basis point cut while others expected a 100 basis point cut.

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