Yerepouni Daily News
No Result
View All Result
  • Հայերէն Լուրեր
  • Յօդուածներ
  • Հարցազրոյցներ
  • Մարզական
  • Այլազան
    • Զանազանք
    • Մշակութային
    • Գաղութահայ Կեանք
  • Արեւելահայերէն Լուրեր
  • English
    • World News
      • Africa
      • America
      • Asia
      • Australia
      • Europe
      • Middle East
    • Markets & Economy
    • International Press
    • Health
    • Social
    • Sports
    • Art & Entertainment
    • Science & Technology
  • أخبار باللغة العربية
  • Հայերէն Լուրեր
  • Յօդուածներ
  • Հարցազրոյցներ
  • Մարզական
  • Այլազան
    • Զանազանք
    • Մշակութային
    • Գաղութահայ Կեանք
  • Արեւելահայերէն Լուրեր
  • English
    • World News
      • Africa
      • America
      • Asia
      • Australia
      • Europe
      • Middle East
    • Markets & Economy
    • International Press
    • Health
    • Social
    • Sports
    • Art & Entertainment
    • Science & Technology
  • أخبار باللغة العربية
No Result
View All Result
Yerepouni Daily News
No Result
View All Result

Turkish lira hits record low, dragging central bank to the rescue

December 14, 2021
in Markets & Economy, Mobile Home
0
No lasting recovery in sight for lira unless CB frees itself from Erdoğan: FT
By Turkish Minute

The Turkish lira hit a record low of 14.99 to the US dollar on Monday before the central bank intervened in the foreign exchange market, gripped by worries over President Recep Tayyip Erdoğan’s risky new economic policy and prospects of another rate cut, Reuters reported.

The central bank said it had entered the market to sell dollars for the fourth time in two weeks.

The bank moved to keep the lira below 14 last week but abandoned that level on Monday.

Depreciation prompts inflation in the country, which depends heavily on imports.

The country has been rattled after 400 basis points of interest-rate cuts since September.

The interventions are an additional risk for a central bank that is not only easing policy in the face of rising inflation but that also has depleted foreign reserves.

According to calculations of bankers analyzing official data, the central bank sold $1.5-2 billion on Monday alone, following sales worth $2.5 billion in the first three efforts.

By 1547 GMT, the lira had trimmed losses in thin market trading to 13.79 — its strongest point on the day, but still down 31 percebt since the beginning of last month.

In response to the market turmoil, Erdoğan held talks with Central Bank Governor Şahap Kavcıoğlu, Finance Minister Nureddin Nebati and the heads of state banks in İstanbul.

Any decisions from the meeting were not clear, and no announcements were made.

Previous Post

737 Max: US Senate committee criticises oversight of Boeing

Next Post

Thwaites: Antarctic glacier heading for dramatic change

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • About Us
  • Contact Us

© 2021 Yerepouni News - Website by Alienative.net.

No Result
View All Result
  • Հայերէն Լուրեր
  • Յօդուածներ
  • Հարցազրոյցներ
  • Մարզական
  • Այլազան
    • Զանազանք
    • Մշակութային
    • Գաղութահայ Կեանք
  • Արեւելահայերէն Լուրեր
  • English
    • World News
      • Africa
      • America
      • Asia
      • Australia
      • Europe
      • Middle East
    • Markets & Economy
    • International Press
    • Health
    • Social
    • Sports
    • Art & Entertainment
    • Science & Technology
  • أخبار باللغة العربية

© 2021 Yerepouni News - Website by Alienative.net.