The Turkish lira falls to a new record level of 31 against the dollar

Wednesday, February 21, 2024 - 15:56
Point Trader Group

The Turkish lira continued its decline to a new record level of 31 lira against the dollar, on Wednesday, continuing its downward journey, which led to it losing about 40% of its value since the beginning of 2023.

The Turkish currency touched a new low of 31.0035, bringing its losses so far this year to nearly 5%.

 During an upcoming meeting of the Turkish Central Bank, tomorrow, Thursday, expectations indicate that interest rates will be fixed at 45% after raising them by 250 basis points last month, which represents the end of a sharp monetary tightening cycle.

The Monetary Policy Committee meeting on February 22 comes after the appointment of Fatih Karahan as head of the Central Bank on the third of this month following the resignation of Hafiza Ghaya Arkan, who attributed her decision to her need to protect her family from what she called a media smear campaign.

After the latest interest rate hike, the central bank said it had achieved the policy setting necessary to reduce inflation and that it would maintain this price level until there was a significant decline in the underlying trend in monthly inflation.

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