Turkish Lira Decreases After The Possibility The US Imposing Sanctions on Ankara

The Turkish lira was revised on Friday after sources said the United States was preparing to impose sanctions on Turkey for its purchase of the Russian S-400 air defense system, in a move likely to worsen relations between the two NATO members.

The lira was at 7.900 against the US dollar, down from Thursday’s close of 7.89. The lira has plunged about 25% since the beginning of this year, but it recovered from record lows of 8.58 last month.

Sources said that the US move, which is likely to anger Ankara and put pressure on its relations with US President-elect Joe Biden, who is preparing to assume power, may be announced soon, perhaps Friday, targeting the presidency of Turkish defense industries.

The lira fell to 7.9290 on Thursday evening, after Reuters reported that sanctions were imminent.