The Turkish Lira Continues to Decline to a Record Level Against The Dollar

The Turkish lira fell to a new record low above nine lira to the dollar on Tuesday, October 12th, affected by uncertainty about political pressures to cut interest rates further and the dollar’s rise in general.

The price of the lira recorded its record level, which it reached last night at 9.02 in early trading, before recording 9.01 by 06:06 GMT.

The lira has fallen by about 18% against the dollar since the beginning of the year, which exacerbated the rise in inflation, which reached 20%.

On Friday, Reuters reported, citing sources, that President Recep Tayyip Erdogan is losing confidence in Central Bank Governor Şehab Kocıoğlu less than seven months after he fired his predecessor due to delayed stimulus policy.