On Thursday, Turkiye’s Central Bank cut interest rates from 14% to 13%. The move was not expected by traders and within 24 hours, the Turkish lira was again sliding in the wrong direction nearing record lows. Such is the fear that the move will fuel more inflation that the Turkish lira suffered further depreciation against […]
Official data shows Turks were holding record amounts of foreign currencies (forex) and gold totalling $221.04 billion during the last week of October. The data, from Turkey’s Central Bank, reflects the ongoing woes of the Turkish lira, which has lost 30% of its value against the dollar since the start of the year. The lira’s […]
The Turkish lira plummeted to record lows against the pound, euro and US dollar today amid concerns it could become embroiled in a fast-escalating conflict in the Caucasus. One British pound is currently worth 10.06 Turkish lira, down from 9.78 last week, a huge decline from its 3.5 value of four years ago. The Turkish lira […]
The Turkish lira has continued its downward slide this week, reaching a record-low against the dollar today. One US dollar is now worth 7.23 Turkish lira, with the currency losing 18% of its value to the dollar this year. The lira also fell against the pound and the euro. Today’s currency market shows £1 is […]
After weeks of depreciation, the Turkish lira appears to have rallied back, closing at 4.66 against the US dollar on Monday. It follows Turkey’s central bank raising interest rates to try and prop up the embattled currency, which hit a record low of 4.9290 last week. Leading government officials also met with investors in […]
