Turkish lira drops 5% to a new record

The Turkish lira plunged to new depths against the US dollar and the euro, on Tuesday, at the conclusion of its fifth worst month ever, after President Recep Tayyip Erdogan endorsed deep interest rate easing despite widespread criticism and high inflation.

The lira fell 5 percent to a new record low of 13.4515 against the dollar, surpassing a low hit last week, when Erdogan defended monetary easing that many economists described as reckless.

The lira recovered slightly to 13.35 against the dollar at 1635 GMT. It also touched a low level at 15.06 against the euro.

The lira has lost 45 percent of its value since the beginning of the year and 29 percent this month alone against the US currency.

economic growth

Official data showed, on Tuesday, that the Turkish economy grew at an annual rate of 7.4 percent in the third quarter of the year, meeting expectations of higher demand for retail sales, industrial production and exports. But that did not allay concerns about setting policies.

Data from the Turkish Statistical Institute showed GDP growth of 2.7 percent compared to the previous quarter on a seasonal and calendar-adjusted basis.


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