The currency has come under further pressure in the past few months.
(Photo: Reuters)
Ankara Inflation in Turkey continues to rise. In October, nationwide consumer prices rose by 19.9 percent compared to the same month last year, as the statistics office announced on Wednesday. In the previous month, the inflation rate was 19.6 percent.
The rise in prices has been a headache for investors for a long time, which is why they are avoiding the Turkish lira. Turkey’s national currency has come under considerable pressure against the dollar and the euro in recent months and has fallen to record lows in each case.
The situation is exacerbated by the loose monetary policy stance of the central bank, which recently lowered its key interest rate twice despite the rise in inflation. Critics complain that the course is significantly influenced by President Recep Tayyip Erdogan, who is a declared opponent of high interest rates. Erdogan has repeatedly changed the top of the central bank.
More: The Turkish economy is growing – and that is exactly the risk
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