The Turkish Lira continues to devalue against foreign currencies and has begun the week at a new record low.
Political instability and clashes between different factions have caused the Turkish Lira to weaken. It is also the week in which the US Federal Bank interest rate meeting is going to take place when the lira is at an all-time low against foreign currency rates.
In the TRNC, the most favoured currencies – the Sterling, Dollar and Euro, were at a new record this week. Sterling yesterday was valued between 4.749 and 4,750TL whilst the Euro was valued at around 3.50 and the dollar at 3.07. Turkey’s market analysts say that these were the highest ever foreign currency exchange rates against the TL.
Economist Goksel Saydam said that the Lira would continue to devalue whilst incidents of terrorism and the existing political situation in Turkey continued.