Record low for the Turkish currency at 9.1 lira against dollar


Turkish lira recorded a new decline of 0.6%

to a record level of 9.1 against US Dollar,

Under pressure from a number of political and economic factors.

Turkish lira extended its slide to a record low after President Recep Tayyip Erdogan hinted at a possible military intervention.

 After saying that Turkey is determined to eliminate the threats that come from northern Syria.

In detail, the lira crisis deepened with the rise of Dollar, supported by concerns about global inflation and the expected tightening of US Central Bank, according to Al-Oraiba Net.

While Ankara has been embroiled in the conflict for years, the move threatens to stoke tensions with the United States, which backs Kurdish militants in a region that Turkey opposes.

Reuters reported last week that Erdogan was furious that monetary policy easing had taken so long and that he was losing confidence in Kavcioglu less than seven months after his predecessor was ousted.

The monetary policy easing was seen by analysts as fresh evidence of political interference from President Recep Tayyip Erdogan, 

a staunch opponent of high interest rates who has been demanding monetary stimulus despite a sharp price hike.

Turkish Lira News Source

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