Turkish lira hits new record low despite Central Bank interventions
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The depreciation of the Turkish lira continues despite three direct interventions by the Central Bank in the past 10 days.
The exchange rate of the US dollar, which was 13.88 against the lira at the end of Friday, rose to as high as 14.61 in the first half of today (December 13). Also, Euro reached to as high as 16.47 against the lira.
The dollar/lira rate, which was at around 7.40 last January, has increased by 95 percent so far. The increase may exceed 100 percent by the end of the year.
The price of gold has also reached an all-time high with one gram of gold sold at 833 lira, a quarter gold coin is sold at 1,376 lira and one republic gold coin sold at 5,608 lira.
The lira has been sliding as the Central Bank lowered the policy rate for three months in a row and further rate cuts are expected after Thursday's meeting. (HA/VK)
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CHP VICE-CHAIR KARABIYIK
'Interest rates are decreasing but Turkey's debt is multiplying'
Snap elections would stop Turkish lira's depreciation, says main opposition leader
Erdoğan slams business group over call to 'return to rules of economic science'
Will Turkey declare state of emergency over economic crisis?
Erdoğan rules out agreement with IMF, confident that lira will gain value
Turkish lira nears 14 to US dollar as Erdoğan speaks again
Erdoğan insists interest rates cause inflation, cites his 'economics education'