The Turkish Lira slid against the dollar yet again on Monday amid ongoing investor concerns over President Tayyip Erdogan’s monetary policy. The decline follows a rollercoaster ride of volatility that saw the currency surge more than 50 percent last week after the country’s government announced a number of measures to safeguard deposits held in lira against currency fluctuations. As of 14:43 in Istanbul (6:43 ET) on Monday, the currency was trading at 11.31 against the U.S. dollar, having reached an all-time low of 18.36 against the dollar last week before rebounding to a high of 11.09 following the government’s announcement. Turkey’s currency has weakened significantly in recent weeks while Erdogan continues to put pressure on the central bank to slash interest rates, a move he firmly believes will boost exports, investment, and jobs within the country. However, the country has instead witnessed soaring inflation levels, increasing the cost of everything from food to basic medicine. In a speech late …
Turkish Lira Declines Against Dollar Again Amid Concerns Over Erdogan’s Monetary Policy
December 27, 2021
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Business & Economyeconomic policieseconomyEuropeinflationliraMiddle EastPresident Tayyip ErdoganTurkishWorld
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