The Turkish Lira is Declining by 5%

The Turkish lira fell 5 percent on Monday, after it witnessed its worst performance in 2021 since President Recep Tayyip Erdogan came to power nearly 20 years ago, with persistent fears of high inflation and unconventional monetary policy.

The lira fell to 13.92 pounds to the dollar, after it closed on Friday at 13.1875 pounds to the dollar.

Market attention was focused on inflation data for December, due later on Monday, after data at the weekend showed retail prices in Istanbul rose 9.65 percent month-on-month in December to an annual rate of 34.18 percent.