The Turkish lira is falling to an all-time low

After Turkish President Recep Tayyip Erdogan fired three policymakers at the central bank, investors were worried about the possibility of further easing of inflation, despite a rise in inflation, and the Turkish lira fell to a new record against the dollar on Friday.
The lira lost 0.4% of its value against the greenback to an all-time low of 9.2250. 9.2100 was recorded during trading. The Turkish currency has fallen 19% so far this year.
“These frequent changes by members of the central bank’s decision-making team underscore the message that Turkey’s central bank is not independent and is under tremendous political pressure,” said Silva Demiralp, director of the Koç University Economic Research Forum and a former economist with the U.S. Confederation. Balance.
“Unreliability is making markets tense not only because they are likely to deviate from the inflation target, but also because raising bank rates will make it harder to increase at this point,” she added.
Two of the three fired central bank officials on Thursday opposed cutting the interest rate by 18 basis points to 18%, and their dismissal was seen as a prelude to further easing monetary policy as soon as next week.
Analysts have seen the move as further evidence of Erdogan’s political interference, which he has previously described as the enemy of interest rates and often emphasizes monetary incentives.
(Reuters)

See also  213% increase in the country's trade surplus
  • Nadia Barnett

    "Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

    Related Posts

    • Economy
    • November 2, 2024
    • 72 views
    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    The wealth management landscape is undergoing a dramatic transformation, fueled by the rise of financial technology (fintech), according to fintech entrepreneur Emils Kerimovs. No longer exclusive to the ultra-wealthy, innovative…

    UAE Powering Gaming Boom in the Middle East

    The gaming industry in the Middle East is experiencing a growth spurt, with Saudi Arabia and the United Arab Emirates (UAE) among the countries attracting major investments. However, this digital…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    How to Choose the Right Mattress: Find the Best Fit for You

    How to Choose the Right Mattress: Find the Best Fit for You

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Best Kitchen Renovation Ideas to Upgrade Your Space

    Best Kitchen Renovation Ideas to Upgrade Your Space