The Turkish lira plunged to the lowest level in its history, during today’s trading, recording 8 lira against the US dollar.
According to the American “Bloomberg” agency, the lira fell to 8,0006 against the US dollar until 9:24 am in Istanbul, to continue losing it after a nine-week decline, the longest loss since 1999.
The currency has decreased by about 25% against its US counterpart since the beginning of this year, and has lost about half of its value since the end of 2017.
And the Turkish central bank kept the main interest rate unchanged last Thursday, despite expectations for a significant increase of about 175 basis points to 12 percent.
The Coronavirus pandemic this year caused the economy to contract for the second time in two years, which discouraged the central bank from withdrawing monetary stimulus in the midst of an economic recovery, especially in light of Erdogan’s pressure for cheap borrowing costs.
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