Turkish Lira Hits Record Low

The Turkish lira has hit a record low of 3.9780 against the dollar – 5.247UK£ on November 21, accelerating losses to around 17 % since September in the wake of Ankara’s strained relations with the United States and concerns about central bank independence.

Turkey’s Central Bank response with emergency measures of tightening policy failed to reverse the slide.

The lira’s plunge has helped fuel inflation by driving up the cost of energy and other imports. Turkey imports almost all of its energy needs.

Hurriyet

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