Turkish currency hits new lows

Comment on this story


Turkey’s lira

Reuters.

Turkish lira banknotes are seen in this picture illustration taken in Istanbul in this file picture.

Ankara - Turkey's currency sank to new record lows on Monday, pummelled by the continuing political problems for the government of Prime Minister Recep Tayyip Erdogan.

The lira fell to 2.2436 to the dollar and 3.0419 to euro in midday trading, although the Istanbul stock exchange was up a narrow 0.25 percent to 65,798.63 points.

The latest declines come ahead of a central bank meeting on Tuesday to decide on monetary policy, although it has been reluctant in the past to raise interest rates to defend the currency.

Last year the bank sold an estimated $17.6 billion in foreign currency reserves to support the lira, which is under pressure not only from the political crisis but also US Federal Reserve policies. - Sapa-AFP


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

     

Join us on

IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks

Business Directory