The Turkish lira continues to fall to new highs

The Turkish lira continues to fall to new highs
The Turkish lira continues to fall to new highs
The lira fell about 0.9 percent on Friday, hitting an all-time low of 9.28 against the greenback. . has been traded Turkish currency At 9.27 pounds against the US currency at 2103 GMT.

The lira also touched the level of 10.7235 liras against the euro.

“These frequent shifts of central bank decision-making committee members underscore the message that the Turkish Central Bank Not independent and subject to enormous political pressure“.

She added that the lack of credibility worries the markets because the investigation inflation level The central bank’s target of 5% is likely to be more difficult, and also because any future rate increase will be less effective.

Two of the three MPC members who were sacked were seen as opposing interest rate cut By 100 basis points to 18 percent last month, their dismissals were seen as a prelude to more easing monetary policy Next week at the earliest.

Analysts saw the move as further evidence of political interference by Erdogan, who has previously described himself as an enemy of interest rates and often urges monetary stimulus.

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