Turkish savers are increasingly buying foreign currencies for fear of a further decline in the value of their own currency.
(Photo: Reuters)
Istanbul The Turkish lira is continuously losing value. After breaking the 9.20 lira per dollar mark on Thursday evening (local time), the emerging market’s currency fell to 9.24 lira per dollar over the course of Friday morning. Similarly, Turkish investors and savers had to pay up to 10.72 lira for one euro.
The rising inflation of currently 19.6 percent is affecting the currency as well as the political situation in the country. President Erdogan recently unsettled investors not only with the announcement of a possible military action in northern Syria. Above all, his desire to push key interest rates well below inflation is pushing investors to sell off on the Turkish currency markets.
Read on now
Get access to this and every other article in the
Web and in our app for 4 weeks free of charge.
Further
Read on now
Get access to this and every other article in the
Web and in our app for 4 weeks free of charge.
Further