Turkish Lira Lira in Turkey drops to a New Low Record

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Turkish Lira Lira in Turkey drops to a New Low Record

The Turkish lira fell 7% to a new low of ڈالر 15 on Monday on the back of President Tayyip Erdogan’s new economic policies and the possibility of another rate cut on Thursday.

As the lira fell to 14.99, the central bank began its fourth market intervention in two weeks, selling the dollar, dropping the currency to half its value at the end of 2020.

The bank last week sought to keep the lira (TRY) below 14, citing depreciation as a source of inflation in a large emerging market economy that relies heavily on imports.

“Last week, TRY’s seemingly relative stability was imaginary and unsustainable. In a note, Commerzbank said,” We see construction pressure coming to the fore, pushing the depreciation of the lira to the next level. ” Any additional CBT treatment to stabilize TRY will definitely fail. “

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