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  • 15-12-21

    Turkish currency drops to new low level

    (MENAFN) The Turkish currency has dropped to a fresh low level amidst worries that the central bank is going to make an extra reduction in interest rates later during this week.

    At one point, it decreased by about 7 percent at only under 15 to the dollar, but it improved a little bit after the bank made an interference in the foreign market to support it.

    The Lira now values about half its worth at the start of the year. President Recep Tayyip Erdogan has moved the central bank to keep reducing rates in spite of increasing inflation.

    According to a survey conducted by a news agency on economists, they predict Turkey’s central bank to cut its central interest rate from 15 percent to 14 percent on Thursday. It would be the fourth reduction in several months.

    MENAFN15122021000045013568ID1103364370

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