Insiders expect the state banks to cut borrowing costs heavily on Monday.
(Photo: Reuters)
Istanbul The Turkish lira fell to a new record low of 9.74 lira in early Asian trading against the dollar on Sunday evening – after $ 9.595 on Friday evening. Over the weekend, President Recep Tayyip Erdogan escalated the conflict with Western countries over human rights activist Osman Kavala and declared the ambassadors from Germany, the USA, France and seven other Western countries undesirable.
Whether his words would also be followed by the expulsion of the ambassadors remained open at first. In the past, Erdogan has repeatedly failed to carry out threats against foreign partners. Opposition politicians in Turkey said at the weekend that the president only wanted to use the escalation to divert attention from Turkey’s economic problems.
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