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Turkish Lira hits new low

5 January 2017

The Turkish Lira hit a fresh low record on January 3.

The Turkish lira traded almost at 3.6 per dollar, (4.45 UK£), down 1.4%, after sharp rises in food and drink prices pushed Turkish inflation to 1.64% in December for an annualised 8.53%.

That further soured sentiment towards Turkish assets, already battered by a series of terror attacks in recent months, including a New Year’s Day mass shooting.

Concerns about a slowdown in the economy and plans for an executive presidency have also undermined confidence. The security situation also makes it unlikely that tourism, a key part of the economy, will recover in 2017.

Hurriyet

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