Turkish lira records a new bottom and no light on the...

The Turkish lira weakened to new lows against the dollar after the central bank raised its expectations for the rate of inflation in the current and next years.

The lira recorded its lowest level ever at 8.2655 against the US currency by 09:08 GMT, and the currency closed at 8.1875 pounds yesterday and lost about 28% since the beginning of this year.

The central bank raised its inflation forecast to 12.1% from 8.9% today, saying that its expectation that inflation will record a downward trend in the second half of the year has not materialized.

The tension in relations with the United States, the dispute with France, the dispute between Turkey and Greece over maritime rights and the battles in Nagorno-Karabakh have weakened the lira.

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