ANKARA (Reuters) – Landed Turkish lira To its lowest level ever against the dollar during trading on Wednesday, it continued to decline amid concern about President Recep Tayyip Erdogan’s influence on monetary policy after the Central Bank made a sudden interest rate cut.
The lira tumbled to levels weaker than its previous record low of 8.9995 for the dollar, which it recorded on Friday, before giving up some of its losses to trade at 8.9220 by 17:15 GMT, bringing its losses this year to more than 16 percent. The Turkish currency has lost more than two-thirds of its value in five years.
The lira tumbled to levels weaker than its previous record low of 8.9995 for the dollar, which it recorded on Friday, before giving up some of its losses to trade at 8.9220 by 17:15 GMT, bringing its losses this year to more than 16 percent. The Turkish currency has lost more than two-thirds of its value in five years.
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