The Turkish lira records new lows against the dollar

The Turkish lira weakened to new lows against the dollar today after the central bank raised its expectations for the rate of inflation in the current and next years.

The lira recorded its lowest level on record at 8.2655 against the greenback by 09:08 GMT. The currency had closed at 8.1875 pounds yesterday and had lost about 28 percent since the beginning of this year.

The central bank raised its inflation forecast to 12.1 percent from 8.9 percent today and said that an expectation that inflation would record a downward trend in the second half of the year did not materialize.

The tension in relations with the United States and the dispute with France and the conflict between Turkey and Greece over maritime rights and the battles in Nagorno Karabakh led to a weakening of the lira, according to “Reuters”.

Last Thursday, the central bank kept the key interest rate at 10.25 percent and raised the delayed liquidity window to 14.75 percent, saying that a broad tightening of financial conditions had already taken place after steps to contain inflation risks.

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