The Turkish lira fell to a new record, extending its losses after an unexpected interest rate cut sparked a new wave of sales and with the US currency rising against other currencies.
Reuters reported that the Turkish lira fell to a new level of 9.0740 against the dollar, affected by uncertainty about political pressures to cut interest rates and the rise of the US currency in general.
For his part, economic analyst Rashad Yilmaz warned that the dollar exchange rate exceeded nine liras is a very dangerous matter and that in light of the current rates, it would not be shocking for the dollar to reach the barrier of ten liras by the end of this year.
The Turkish lira has fallen by about 18 percent against the dollar since the beginning of this year, exacerbating the rise in inflation in Turkey, which has reached 20 percent.
The deterioration of the Turkish currency continues due to the deteriorating political and economic conditions in the country as a result of the policies of President Recep Tayyip Erdogan and his repressive measures, which led to a decline in tourism and investments and a decrease in the country's foreign exchange revenues.