The Turkish lira is experiencing its worst collapse in 20 years,...

2021

news

eg_EG

https://cdnnarabic1.img.sputniknews.com/img/101651/71/1016517178_198:0:3213:2261_1920x0_80_0_0_f80db17ed911a34f945c10acc570d731.jpg

[email protected]

+74956456601

MIA “Rosiya Segodnya”

Sputnik Arabic

[email protected]

+74956456601

MIA “Rosiya Segodnya”

fell back Turkish currency By more than 10.4%, today, Tuesday, to exceed the level of 15 pounds per dollar, for a short period and for the first time ever, according to a report by Bloomberg.

For its part, the Turkish Central Bank said, today, Tuesday, that the wave of sales in the lira is “unrealistic and completely divorced from reality.”

Erdogan rejects opposition call for early elections amid collapse of lira

The currency reduced its sharp losses to about 12.8 pounds to the dollar, but it is still at an unprecedented level, and the series of losses that lasted 11 consecutive days is the longest in 20 years.

In November alone, the lira lost nearly a third of its value, and about 26% since the beginning of last week, while its losses since the beginning of the year have reached 45%.

وجاءت The last sell-off The Turkish currency against the dollar, after Erdogan defended his demands to reduce borrowing costs, which led to higher prices and frustrated investors, according to the report.

While most central banks talk of tightening policy in light of the global economic recovery, which is fueling inflation, Turkey has cut 4 percentage points of its borrowing costs since September.