The Turkish lira hits a record low against the US dollar

The Turkish lira continues to decline amid concerns about President Recep Tayyip Erdogan’s influence on monetary policy, after the central bank made a surprise interest rate cut.

  • The Turkish lira hits a record low against the US dollar

The Turkish lira fell to an all-time low against the US dollar on Wednesday, continuing its decline, amid concerns about President Recep Tayyip Erdogan’s influence on monetary policy, after the central bank made a surprise interest rate cut.

The lira tumbled to levels weaker than its previous record low of 8.9995 for the dollar, which it recorded on Friday, before giving up some of its losses to trade at 8.9220, and its losses this year rise to more than 16 percent. The Turkish currency has lost more than two-thirds of its value in five years.

And she was close Turkish lira Since days of its lowest levels ever, with the exodus of foreign investors. However, bargain hunting in the local market limited losses, a day after an unexpected decision by the central bank to cut interest rates, while providing little indication of how much they could drop.

About a week agoThe Turkish lira lost about 2.5% of its value over the past two days, driven by expectations that US monetary stimulus will be reduced sooner than expected.

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