The Turkish lira this evening hit a new record low, as the dollar reached 8.3731 Turkish liras by 5.25 pm local time.
وذكرت Bloomberg Agency The news in a report on Friday that the recent financing adjustments by the Turkish Central Bank could not prevent the lira from falling to a record low, as the currency headed towards its biggest monthly decline since its heavy losses two years ago.
The decision to end the acquisition of the lira from the repo market at the Istanbul Stock Exchange was the latest step in the central bank’s attempt to restrict policy and strengthen the Turkish currency without returning to the policy of raising interest rates.
The US agency said that the move to stop financing at an interest rate of 11.75 percent will raise borrowing costs in the pound, by forcing lenders to rely more on the late liquidity window of the central bank.
The lira initially recovered its losses, but quickly resumed its downward trend against the dollar. The currency is at a record low every day this week, and has decreased by 1 percent, as the dollar reached 8.3731 Turkish liras by 5.25 pm local time.
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