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Turkish lira weakens to a new record low

Category: Economy

Date: 2021-10-13T18:38:05+0000
Turkish lira weakens to a new record low

Shafaq News/ Turkey's lira weakened to a new record low of 9.1 against the dollar on Wednesday. However, after an unexpected interest rate, extending its losses sparked a new selloff, and the dollar was firmed against other currencies.

The lira TRYTOM=D3 stood at 9.0740 against the dollar at 1510 GMT, slightly weaker than Tuesday's close, after earlier declining to 9.0515.

It has weakened nearly 18% against the dollar this year, exacerbating a rise to almost 20% in headline inflation.

The central bank unexpectedly cut its policy rate by 100 basis points to 18% last month in what analysts viewed as fresh evidence of political interference by President Tayyip Erdogan, a self-described enemy of interest rates.

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