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The Turkish lira is still recording a strong decline during trading and is heading towards the abyss, especially with the continued achievement of record low levels against the US dollar after the Turkish Central Bank’s decision to cut interest rates.
During Friday’s trading, the dollar-lira exchange rate rose to the level of 9.6641 before declining to currently 9.5778, an increase of 0.79% on a daily basis, which is historical record lows for the Turkish lira currency against the US dollar.
The Turkish lira fell during today’s trading due to its damage to the expectations of JPMorgan in which inflation is likely to rise sharply in Turkey, as inflation is expected to stabilize in Turkey at 19.9% this year and 16.4% next year. The bank also expected that the Turkish Central Bank will cut interest rates by an additional 100 basis points during next November, which will have a negative impact on the Turkish lira trading.
