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.

(Reuters)





These were the details of the news Turkish lira drops 5% to a new record for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT FBI director warns that Chinese hackers are preparing to ‘wreak havoc’ on US critical infrastructure

Author Information

I am Jeff King and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions. I am the driving force behind Al-KhaleejToday.NET with a vision to broaden the company’s readership throughout 2016. I am an editor and reporter of “Financial” category. Address: 383 576 Gladwell Street Longview, TX 75604, USA Phone: (+1) 903-247-0907 Email: [email protected]