Dinar Daily
Would you like to react to this message? Create an account in a few clicks or log in to continue.

Get Daily Updates of the NEWS & GURUS in your EMAIL
CHECK YOUR EMAIL for VERIFICATION

Enter your email address:

Turkish lira weakens after Fitch downgrades outlook to 'negative' DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Turkish lira weakens after Fitch downgrades outlook to 'negative'

Post new topic   Reply to topic

Go down

Turkish lira weakens after Fitch downgrades outlook to 'negative' Empty Turkish lira weakens after Fitch downgrades outlook to 'negative'

Post by RamblerNash Sat Dec 04, 2021 9:52 pm

Turkish lira weakens after Fitch downgrades outlook to 'negative' 1638531126918
2021-12-03 03:32

Shafaq News / Turkey's lira edged lower against the dollar on Friday after ratings agency Fitch revised the country's outlook to "negative" from "stable" over risks from monetary policy direction.

At 0518 GMT, the lira stood at 13.75 to the U.S. currency, about 0.6% weaker from Thursday's close. The unit lost some 46% of its value against the greenback this year.

The currency slumped to an all-time low 14.0 this week after President Tayyip Erdogan defended the low-rate economic policy and as the dollar benefited from hawkish U.S. Federal Reserve comments.

The ratings agency described the central bank's easing cycle, which started in September even when inflation was accelerating, premature and said it caused deterioration in domestic confidence reflected in a sharp depreciation of the currency.

Since September, the central bank cut the policy rate by 400 basis points to 15%, but the governor signalled that aggressive policy easing would likely pause in January after one more rate cut this month.

Source: Reuters

https://shafaq.com/en/Economy/Turkish-lira-weakens-after-Fitch-downgrades-outlook-to-negative
RamblerNash
RamblerNash
GURU HUNTER
GURU HUNTER

Posts : 23612
Join date : 2015-02-19

View user profile

Back to top Go down

Back to top


 
Permissions in this forum:
You can reply to topics in this forum