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Bloomberg: The Turkish lira is experiencing its longest weekly decline since 1999

2020-10-28T09:48:39.005Z

Washington-SANA, US Bloomberg Agency confirmed that the collapse in the Turkish lira this week is the longest



Washington-SANA

Bloomberg has confirmed that the collapse in the Turkish lira this week is the longest since 1999.

The agency concerned with economic affairs indicated in its analysis that the Turkish lira has collapsed against the US dollar for 9 consecutive weeks, pointing out that the decision of the Turkish Central Bank, issued last week regarding fixing interest rates, left investors with more anxiety in a situation where economic and geopolitical risks increase.

The agency stated that the decline of the Turkish lira is continuing sharply and continuously, recalling the economic crisis that Turkey witnessed in 2001.

The Turkish lira continued to decline, as it recorded a sharp decline yesterday, and its exchange rate fell against the dollar to 8.19 and against the euro to 9.64.

The Turkish currency has lost more than 3.5 percent of its value this year after it plunged about forty percent during the past two years as a result of the high levels of Turkey's external debt in light of the failed economic policies of the Turkish regime's president, Recep Tayyip Erdogan.

Source: sena

All business articles on 2020-10-28

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