Report

rss

Iraq News

Kurdistan

Economy

World

All News

Turkey's lira dips again, down 22% so far this year

Category: Economy

Date: 2022-06-08T07:05:16+0000
Turkey's lira dips again, down 22% so far this year

Shafaq News / The Turkish lira slid 0.9% against the dollar on Wednesday, bringing its losses to 22% this year, after worries about a surge in inflation were fuelled by President Tayyip Erdogan's pledge to keep cutting interest rates.

The lira stood at 16.93 against the U.S. currency at 0611 GMT, weakening from Tuesday's close of 16.7650 towards a record low which it hit on Dec. 20 in a currency crisis triggered by a series of unorthodox interest rates cuts.

Speaking after a cabinet meeting on Monday, Erdogan said Turkey will not raise interest rates but rather continue cutting them in the face of high living costs.

The lira shed 44% last year and has been the worst performer in emerging markets for several years running due largely to economic and monetary policy concerns under Erdogan's government.

Turkey five-year credit default swaps closed above 730 basis points, at levels last seen during the global financial crisis in 2008, data from S&P Global showed.

(Reuters)

related

Turkish lira teeters as cenbank expected to hold rates again

Date: 2022-05-26 11:15:20
Turkish lira teeters as cenbank expected to hold rates again

Turkish lira skids again after Erdogan orders manipulation probe

Date: 2021-11-29 08:51:30
Turkish lira skids again after Erdogan orders manipulation probe

Turkish Lira crisis boosts real estate market for foreigners; Iraqis has the lion's share

Date: 2021-12-27 07:56:46
Turkish Lira crisis boosts real estate market for foreigners; Iraqis has the lion's share

Turkish lira up 1.5% to August levels 

Date: 2021-02-01 14:49:35
Turkish lira up 1.5% to August levels 

Turkish lira notches more record lows on rate-cut concerns

Date: 2021-10-15 12:50:12
Turkish lira notches more record lows on rate-cut concerns

Turkey’s central bank says expects disinflation process to start

Date: 2022-05-26 17:05:53
Turkey’s central bank says expects disinflation process to start

Turkish lira slides 1.6% towards record dollar low

Date: 2021-11-30 13:10:11
Turkish lira slides 1.6% towards record dollar low

Turkish lira slightly weaker ahead of key rate decision

Date: 2021-03-18 08:52:03
Turkish lira slightly weaker ahead of key rate decision