The Turkish Lira is falling to a new record high

The Turkish Lira is falling to a new record high



Twilight News

3 hours ago

The Turkish lira fell to a record low against the dollar on renewed concerns about the central bank's ability to tackle inflation after a report that President Recep Tayyip Erdogan intensified his criticism of monetary policy.

. The pound has fallen about 6 percent against the dollar since the beginning of this year to hit the fourth-worst performance among 26 currencies in emerging markets as investors were concerned about inflation, which recorded a double-digit rate, actions deemed insufficient by policy and doubts about the fate of Deputy Prime Minister Mohammed Shimshak is the senior economic policy officer.

A report in the Hurriyet newspaper on Thursday said Erdogan had criticized recent interest rate hikes at a closed meeting of his ruling AK Party this week.

The Turkish currency fell briefly to a record low of 4.0501 lira before recovering slightly to 4.0495 lira at 20:07 GMT.

Separately, the Hurriyet newspaper reported that there was speculation in Ankara that Shimshak submitted his resignation to Prime Minister Ben Ali Yildirim, who in turn gave it to Erdogan.

But Ibrahim Kalin, a spokesman for Erdogan, said it was only allegations and had no information on the subject, denying the existence of differences within the economic team.

The Turkish currency fell against the euro to 4.9478 pounds per euro, but still close to the record low last month at 4.9728 pounds.

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