The Turkish lira fell 0.7% today, recording a decline in ten of the last eleven sessions, with high inflation, global bond yields and oil prices in a test of the central bank\u2019s pledge to tighten monetary policy.<\/p>\n\n\n\n
After raising interest rates to 17% in December, Central Bank Governor Naji Iqbal said on Friday that “we will take decisive steps” to stabilize the double-digit inflation rate.<\/p>\n\n\n\n
He added that a “systemic shift” occurred in November when he took over the bank’s chairmanship.<\/p>\n\n\n\n
The pound has risen about 20% since November, but it has given up half of these gains in the last two weeks, and reached 7,575 against the dollar, near the lowest level this year.<\/p>\n\n\n\n
For Turkey, which depends on imports and does not produce any of its energy needs, the depreciation of the lira raises the cost of imports.<\/p>\n\n\n\n
US crude hit its highest level in more than two years today after reports of attacks on Saudi facilities.<\/p>\n\n\n\n
Analysts expect Turkey’s central bank to raise interest rates next week to stabilize the currency and tackle inflation, which exceeded 15% last month.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Turkish lira fell 0.7% today, recording a decline in ten of the last eleven sessions, with high inflation, global bond yields and oil prices in a test of the central bank\u2019s pledge to tighten monetary policy. After raising interest rates to 17% in December, Central Bank Governor Naji Iqbal said on Friday that “we …<\/p>\n","protected":false},"author":9,"featured_media":39688,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[7095],"class_list":["post-42600","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-turkey"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/42600","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=42600"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/42600\/revisions"}],"predecessor-version":[{"id":42601,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/42600\/revisions\/42601"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/39688"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=42600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=42600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=42600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}