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The Turkish lira is at a new low. It lost 25% of its value this year.
The Turkish pound fell to a new all-time low of 0 8.05 to the dollar today amid investor concern over the Turkish central bank’s decision last week to keep its key interest rate unchanged and various sources of geopolitical concerns.
Turkey’s tensions with the United States, its dispute with France, its dispute with Greece over maritime rights and the Nagorno-Karabakh conflict have upset investors.
The Turkish currency weakened more than 1% to 8.0515 pounds per dollar from the 7.9650 level that formed at the close of business on Friday, while it has lost 26% of its value this year against the US. . coin. The pound also fell to a record low against the euro, with the exchange rate hovering above 5.50 per euro.
The Turkish central bank was expected to raise its key interest rate 175 basis points (1.75 percentage points) to 12% last Thursday amid a weakening of the pound sparked by concerns about high inflation and a sharp drop in foreign exchange reserves. .
However, it left the key interest rate unchanged at 10.25% last Thursday, while it raised the liquidity rate to 14.75%, indicating that a significant tightening of financial conditions has already been achieved after measures taken to reduce risks. inflationary. .
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