Turkish lira breaches 50 per dollar to record low

Shafaq News- Ankara

The Turkish lira hit a record low on Tuesday, breaching the 50-per-dollar threshold for the first time.

Its decline came after official data showed annual inflation in Turkiye climbed to 29.8% in October, compared with 29.7% in September, exceeding analysts' forecast of 29.5%.

According to the Turkish Statistical Institute, consumer prices rose 2.58% month-on-month, up from 1.84% in September, driven by increases in clothing, footwear, food, and non-alcoholic beverage prices.

Following the release, Turkish financial markets came under pressure, with the benchmark Borsa Istanbul index dropping by as much as 1%, led by losses in banking stocks.

Meanwhile, yields on two-year and 10-year government bonds rose by eight and six basis points, respectively.

Central Bank Governor Fatih Karahan is scheduled to present updated inflation forecasts on November 12, as investors await further indications of the country's monetary policy direction and the authorities' ability to curb rising prices and stabilize the national currency.