The Turkish lira is at a new low

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On Friday, the Turkish lira fell to its lowest level ever, influenced by fears of high inflation in the world and expectations at the local level that the central bank will cut interest rates soon, in addition to the emergence of concerns about a possible early elections.
The currency, the worst performer in emerging markets this year, fell as much as 8.6 per dollar, breaking an all-time low of 8.58 in November. By 0729 GMT it was at 8.59.
The lira has fallen 16 percent since mid-March, after President Recep Tayyip Erdogan abruptly fired the head of the central bank, replacing him with another who was previously famous for his criticism of recent interest rate hikes.
In addition, data from the Turkish Statistics Institute showed, Friday, that Turkey’s foreign trade deficit fell 33.2 percent year on year in April to $ 3.058 billion, according to the general trade system.
After trade was hit hard by the Covid-19 pandemic a year before, the institute said, Turkey’s exports in April rose 109.2 percent and imports rose 61.1 percent compared to April 2020.
In 2020, the trade deficit jumped 69.1 percent to $ 49.915 billion.
(Reuters)




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