Tag Archives: Turkish lira

President Tayyip Erdogan said he had lowered Turkey’s inflation to around 4% before and that he will achieve that again soon as annual price rises exceeded 21% due to his push for aggressive monetary easing that has sent the lira crashing. Erdogan has said the new policy based on low-interest …

The Turkish stock exchange suspended trading after the national currency fell below 17 lira per US dollar on Friday. The lira has lost more than half of its value against the US dollar since the beginning of 2021.

Turkish President Tayyip Erdogan has ordered an investigation into possible currency manipulation after the lira fell sharply to record lows against the dollar this week, the Anadolu news agency reported on Saturday. It said Erdogan had tasked the State Supervisory Council, an auditing agency that reports to the presidency, to …

Turkey’s lira nose-dived 15% on Tuesday in its second-worst day ever after President Tayyip Erdogan defended recent sharp rate cuts, and vowed to win his “economic war of independence” despite widespread criticism and pleas to reverse course. The lira tumbled to as low as 13.45 to the dollar, plumbing record …

Turkey’s lira weakened to an all-time low of 10 against the dollar on Friday, breaching the key psychological threshold on investor worries about monetary policy after the central bank began cutting interest rates in September. The lira, which has weakened by more than a quarter so far this year, touched …

Turkish President Tayyip Erdogan “welcomed” statements on Monday by several Western embassies including the United States that they abide by a diplomatic convention not to interfere in a host country’s internal affairs, state-run media said. The statements were made almost simultaneously on Twitter as Erdogan entered a cabinet meeting to …

Turkey’s lira sank to a new all-time low beyond 9.3 versus the dollar on Monday and analysts saw little reprieve ahead given what one called expectations of an “irrational” interest rate cut later this week. The worst performer in emerging markets this year, the Turkish currency touched a low of …

Turkey’s lira touched new lows against the dollar and euro on Friday, hamstrung by worries over more interest rate cuts despite high inflation, after President Tayyip Erdogan dismissed three central bank policymakers. Two of the three monetary policy committee (MPC) members ousted on Thursday were seen to oppose the bank’s …

Turkey’s lira plunged to fresh record lows against the dollar after President Recep Tayyip Erdoğan said interest rates must be lowered in July or August. Erdoğan, who has sacked three central bank governors in less than three years, says that higher interest rates are inflationary, a view that jars with …

Turkey’s consumer price inflation fell to a lower-than-expected 11.76% year-on-year in July, official data showed on Tuesday, reversing two months of rising inflation as the economy continued to emerge from lockdown. The figures boosted the lira TRYTOM=D3, which firmed to 6.9270 against the dollar. The currency weakened last week to …

Turkey’s lira briefly fell to a record low against the U.S. dollar on Thursday as investors fretted about depleted currency reserves and the need for foreign financing as the coronavirus pandemic drains the economy. Thursday’s fall to near 7.27 pushed it beyond the record low hit during a 2018 currency …