Shafaq News / The Turkish lira fell to a new record low level against the dollar and the euro, today, Monday, after Moody's Investors Services downgraded Turkey's rating from B1 to B2 late last week, and warned of an economic crisis.

The lira touched a new record at 7.4980 for the dollar, bringing its losses since the beginning of this year to about 21%. The currency recorded an unprecedented low against the euro at 8.9031, reaching a 25% decline since mid-2019.

“The possibility of a financing shock remains the main danger that the Turkish economy faces,” said Ehsan Khoman, Head of MENA Research and Strategy at MUFG.

But President Recep Tayyip Erdogan, a constant critic of credit rating agencies, launched a new response at the weekend after the announcement of Moody's decision, referring in his statements to Standard & Poor's.