The series of collapse.. The Turkish lira collapses, and there is no light on the horizon

Inxed — Editor

In Con 17:24, October 28, 2020

The series of collapse.. The Turkish lira collapses, and there is no light on the horizon

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The Turkish lira weakened to new lows against the dollar, today, Wednesday, after the central bank raised its expectations for the rate of inflation in the current and next years.

The lira recorded its lowest level ever at 8.2655 against the greenback by 09:08 GMT. The currency had closed at 8.1875 pounds yesterday, and had lost about 28% since the beginning of this year.

The central bank raised its inflation forecast to 12.1% from 8.9% today, saying that its expectation that inflation will record a downward trend in the second half of the year has not materialized.

The tension in relations with the United States, the dispute with France, the dispute between Turkey and Greece over maritime rights and the battles in Nagorno-Karabakh have weakened the lira.

Last Thursday, the central bank kept the key interest rate at 10.25% and raised the delayed liquidity window to 14.75%, saying that a broad tightening of financial conditions had already been achieved after steps to contain inflation risks.

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