The Turkish pound almost hit the level of 10 per dollar, setting another negative record as – higher than expected – US inflation data intensified concerns about a currency that has already been hit by the monetary policy of the central bank.
Thus, the pound was formed at 9,965 per dollar. The currency traded down 1.2% to $ 9,951 at 11:31 a.m. local time in Istanbul.
Turkey’s central bank began lowering interest rates in September despite rising inflation and global price pressures, pushing investors away from emerging market assets at greater risk.
The bank cut interest rates to 16% from 19% in the last two months, even as inflation accelerated locally to 19.9%.
The currency has lost more than 24% of its value so far this year.
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