The Turkish lira fell as much as 7% in just a few minutes to a new all-time low near 15 15 against the dollar amid concerns about President Tayyip Erdogan’s risky economic policy and the prospect of another cut in interest rates on Thursday. .
The sudden fall resulted in the currency finding itself at half the value it had at the end of last year, fueling inflation in a large emerging market that is heavily dependent on imports.
The central bank has previously kept the pound below the 14 level by intervening in the foreign exchange market three times in the last two weeks by selling dollars. Until today at 10:15 Greek time he had not announced new interventions.
The Turkish currency fell to 14.99 pounds against the dollar in a low-liquidity market, from the level of 13.889 where it closed on Friday. At 10:15 Greek time, he had reduced his losses and was moving at the level of 14.44 pounds.
Turkey’s central bank, under pressure from Erdogan, is expected to cut its key interest rate by 100 basis points to 14% this week, according to a Reuters poll by economists and analysts on Friday, despite inflation last month. recorded a jump to 21.3%.
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