The lira is heading for a fifth day of declines as Erdogan invoked religion to justify the current monetary stanceTurkish President Recep Tayyip Erdogan. Picture: BLOOMBERG
The lira dropped as much as 2.6% to 16.8436 per dollar in early Asian trading on Monday, heading for a fifth day of declines. The currency, which has tumbled 48% over the past three months, reached a record low of 17.1452 on Friday. He’s put that idea to the test since September when the central bank began cutting interest rates in the face of soaring consumer prices. The ensuing monetary stance eventually left the lira unanchored, with the currency sinking to fresh record lows almost every day.
Erdogan’s most recent policy pivot also drew the ire of Turkish industrialists, with several business associations calling for measures to stabilise the lira’s exchange rate.
Source: Loan Digest (loandigest.net)
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