The Turkish Lira weakened to a record low beyond 4.55 to the dollar on May 21, hit by a surging greenback and concerns about the Central Bank’s ability to rein in double-digit inflation.
Erdogan on Lira, Monetary Policy, Interest Rates, Parliamentary Election:
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The outlook for the Turkish banking system is negative due to downside risks related to funding and asset quality, credit rating agency Moody’s has stated.
The government will take the required measures to ease pressure on the Turkish Lira and address the country’s persistently high inflation rate, read a statement issued after an emergency meeting on the economy headed by President Recep Tayyip Erdoğan on May 9.
Erdoğan summons urgent economy meeting as Turkish Lira plunges
President Recep Tayyip Erdoğan summoned top members of the government’s economic administration for an urgent meeting on May 9 amid continued plunges in the value of the Turkish Lira.
The value of the Turkish lira plunged to record lows, dropping below 4.35 against the dollar on May 9, amid rising global geopolitical risks after United States President Donald Trump decided to pull his country out of the international nuclear deal with Iran on May 8.
Turkish Lira falls to new record low against dollar over inflation fears
The Turkish currency tumbled 1.5 percent to yet another record low against the dollar on May 4 amid nagging worries over rising inflation, while the U.S. currency continued to make broad gains.
