(Fitch Ratings) credit rating agency said that Turkey has not taken the necessary steps to support the lira, and that the level of eroding foreign exchange reserves and external financing are still weaknesses.
Douglas Winslow, the chief economic analyst on Turkish affairs at Fitch – in statements reported by the Nasdaq website concerned with global economic affairs on Friday – said that more pressure from the currency, inflation exceeding 10%, and depleted foreign currency reserves will significantly increase the chances of raising the price Official interest at the end of the year.
The lira fell by 1.7% to a record low of 8.56 against the dollar during today’s trading, despite the dollar’s weakness as votes are still being counted in the US elections.
Winslow indicated that the tightening of monetary policy and borrowing restrictions in recent months “was not sufficient to reverse the downward trend in the Turkish lira.”
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