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The Turkish lira is on its way to its longest losing streak in nearly a quarter of a century
The Turkish currency is heading towards the longest series of weekly losses this century, at a time when the new Turkish economic team is limiting its intervention in the currency market.
Meanwhile, UAE banks are increasing their loans to their Turkish counterparts, filling a financing gap left by Western banks that have scaled back amid concerns about an increasingly restrictive regulatory environment under President Erdogan.
The lira continues its losses
The value of the Turkish currency has fallen another 1 percent this week, after last week's decline of 11 percent. The Turkish currency has been incurring losses since early March, recording the longest streak of losses since 1999
Today, it stabilizes without significant declines against the US dollar, recording 23.6523 pounds per dollar.
The declines accelerated in the wake of President Recep Tayyip Erdogan's May 28 re-election.
In the 18 months leading up to the election, Turkey's central bank used nearly $200 billion in reserves to try to prop up the currency, yet the Turkish lira remained one of the worst performers in emerging markets.
