The Turkish lira drops to a new low

0
14


Material use

Reuters

The Turkish currency fell during trading on Monday, to its lowest level ever, recording eight pounds against the US dollar.

read more

This came after the Turkish central bank kept the main interest rate unchanged last week, despite expectations of a large increase.

In early trading, the Turkish currency touched the level of 8.01 pounds for the dollar, and recorded 8.0080 pounds for the dollar, at 06:36 GMT.

The level recorded by the Turkish currency today is weaker than Friday’s closing level of 7.9650 pounds to the dollar.

The Turkish currency has lost about 25 percent of its value this year against its US counterpart.

The Turkish central bank was expected to raise the interest rate by 175 basis points to 12 percent last Thursday in light of the weak performance of the pound, which raises concerns about high inflation and a sharp decline in foreign exchange reserves.

Source: “Reuters”

LEAVE A REPLY

Please enter your comment!
Please enter your name here