The Turkish Lira Falls to a New Low Against The Dollar

The Turkish lira fell to new record levels against the US dollar, to break the barrier of 14 Lira to the dollar for the first time in its history after the S&P credit rating agency changed its outlook for the Turkish economy from stable to negative.

The agency, S&P, said in a statement that its change in the outlook came in response to a number of risks that it believes will affect the economy in the future, such as currency fluctuations and significant inflation.

For its part, Moodys Agency expected that the gross domestic product would decline by 4% next year, and the agency also expected that the consumer price index in Turkey would rise to 25% or more in the coming months, to range between 17 and 18% at the end of 2022.