Turkish cenbank again stops lira from sliding to record

A U.S. one dollar banknote is seen next to Turkish lira banknotes in this illustration taken in Istanbul, Turkey November 23, 2021. REUTERS/Murad Sezer/Illustration/File PhotoANKARA, Dec 3 - Turkey's lira edged near to its record low on Friday, triggering direct central bank intervention selling dollars, after ratings agency Fitch revised the country's outlook to "negative" from "stable" over risks created by recent monetary policy easing.

The lira weakened as far as 13.89 against the U.S. currency before firming as far as 13.37 as the central bank intervened. At 1039 GMT it stood at 13.65, and has lost some 45% of its value against the greenback this year.The currency touched a record 14 on Tuesday, a dramatic descent from February when half as many liras were needed to buy one dollar.

"The impact of the intervention is rather small because the markets know that the reserves are melting," said Ipek Ozkardeskaya, senior analyst at Swissquote. Data on Friday showed annual inflation jumped more than expected to a three-year high of 21.31% in November, further exposing the risks of recent aggressive rate cuts.Erdogan has repeatedly defended the low-rate economic policy over the last two weeks, and the government, regulators and banks association have all rallied around what he calls a new economic model.

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