Last updated: Wednesday 19 صفر 1442 هـ – October 07, 2020 KSA 16:43 – GMT 13:43
Date of publication: Wednesday 19 صفر 1442 هـ – October 07, 2020 KSA 16:17 – GMT 13:17Source: Istanbul – Waters
The currency has lost 24% of its value this year due to concerns about dwindling foreign exchange reserves at the central bank, expensive interventions in the exchange market, and geopolitical problems.
The lira recorded a new low at 7.8850 against the US currency, weakening its price from the previous closing of 7.8050 pounds. The price was 7.8800 at midday.
And renewed concern about possible US sanctions after Bloomberg published on Tuesday that Ankara will soon begin testing the Russian S-400 air defense system.
Meanwhile, tensions with the European Union appeared to escalate after President Recep Tayyip Erdogan said on Tuesday that the decisions of the EU summit last week regarding disputes including maritime rights in the eastern Mediterranean were not sufficient to resolve the differences.
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