The Turkish lira reaches a new bottom

Today, the Turkish lira fell to its lowest level, influenced by fears of high inflation in the world and expectations at the local level that the central bank will cut interest rates soon.

The Turkish currency, which is the worst performing in emerging markets this year, fell as much as 8.6 Turkish liras against the dollar, breaking its all-time low recorded at 8.58 lira last November.

The lira has fallen 16 percent since mid-March, after Turkish President Recep Tayyip Erdogan abruptly sacked the head of the Central Bank and replaced him with another president known in the past for his criticism of raising interest rates.

Source: Reuters