The Turkish pound is heading for its worst year since President Tayyip Erdogan came to power two decades ago, despite his call today for Turks to trust his unorthodox policies to cut interest rates in the face of rising inflation.
Today, Erdogan called on Turks to maintain Turkish lira savings and transfer their gold reserves to banks, saying market fluctuations are largely under control. Following his statements, the pound … expanded its losses, falling to 1.4% to 13.414 against the dollar, recording a fall of 20% since the end of last week. At 13:15 Greek time, the exchange rate was set at 13.36 pounds per dollar.
The Turkish pound – by far the worst performing currency in emerging markets in 2021, as it was last year – has been falling for five days, losing 20% ​​against the dollar. According to Reuters, it is expected to end 2021 with a fall of 44%, mainly due to Erdogan’s economic program, which focuses on exports and credit, despite the devaluation of the currency, which has reached the size of a normal crisis of the last two months, causing shocks in the economy. .
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