A record low of the Turkish lira – Al-Ittihad newspaper

A record low of the Turkish lira – Al-Ittihad newspaper
A record low of the Turkish lira – Al-Ittihad newspaper

Istanbul (Reuters)

The Turkish lira fell to a new record low against the dollar yesterday, with investors worried about the prospects of more monetary easing despite rising inflation, after three central bank policy makers were fired.
The lira lost as much as 0.4 percent of its value to an all-time low of 9.225 against the US currency. It recorded 9.21 at 07:52 GMT. The Turkish currency has plunged 19 percent so far this year.
“These frequent shifts of central bank decision-making committee members underscore the message that Turkey’s central bank is not independent,” said Silva Demiralp, director of the Koç University Economic Research Forum and a former economist at the US Federal Reserve. Two of the three central bank officials who were sacked yesterday were opposed to cutting the interest rate by 100 basis points to 18 percent last month, and their dismissal was considered a prelude to further easing monetary policies as soon as possible next week.

Source

record Turkish lira AlIttihad newspaper

 
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