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Author Topic: Turkish lira recovers After the new low yesterday  (Read 33 times)


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on: November 25, 2021, 01:07:56 AM
Turkish lira recovers After the new low yesterday

The Turkish lira has recovered today. After falling to a record low yesterday Amid uncertainty over Turkey's monetary policy

The lira rebounded 3 percent to $12.30 against the dollar today, after falling 11 percent to 13.45 yesterday.

The lira collapsed yesterday. After Turkish President Recep Tayyip Erdogan defended the government's monetary easing policy. Even though inflation has soared nearly 20%

The lira was also pressured by the dollar's appreciation. which rebounded in response to President Joe Biden has decided to nominate Jerome Powell as the Federal Reserve Chair for a second term.

The lira has continued to depreciate. After staying at 8 against the dollar last year. And last month it stood at 9 against the dollar and slumped to 10 against the dollar last week.

The lira has slumped 40% since the start of this year. It is the worst emerging market currency. Amid the sell-off of foreign investors who are unsure of the central bank's independence After President Erdo fired several previous central bank governors. because it does not meet the government's monetary easing policy

President Erdogan said Turkey needs monetary easing. by reducing interest rates to stimulate exports, investment and employment Despite inflation rising nearly 20% and the lira plummeting

In addition, Erdogan said that Monetary policy tightening will not help curb inflation in the country.

Inflation in Turkey has now reached 19.89 percent, its highest level in nearly three years, and four times above the central bank's 5% target.


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