Lira hits record lows as Turkey watchers beg for rate raise

By Mariam Meskin
27 Oct 2020

The Turkish lira fell to record lows against the dollar this week as investors lamented the central bank’s failure to raise interest rates amid high inflation and expressed concerns over the country’s relationship with the US.

As of Thursday evening, the lira stood at TL8.31 to the dollar, a record low, having started the year at TL5.94. The lira was at TL7.80 last week, until the Central Bank of the Republic of Turkey (CBRT) decided to keep its key interest rate at 10.25% and ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial