Istanbul-Sana
The Turkish lira fell by about 0.8 percent against the dollar today, as investors continued to fear an interest rate cut under pressure from Turkish President Recep Tayyip Erdogan and high inflation in the country.
Reuters reported that the Turkish lira amounted to 13.8750 against the US currency.
The Turkish currency lost 46 percent of its value against its US counterpart this year, and hit an all-time low at 14.1 last week.
The continuous deterioration of the Turkish currency is mainly due to the repeated interventions of the Turkish President Recep Tayyip Erdogan in monetary policy and his imposition of interest rate cuts and the rapid changes he made in the leadership of the Central Bank.
