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Turkish lira drops to record low level
POLITICS
12.10.2021 | 17:02
The Turkish lira (TRY) fell through the 9.00 per dollar threshold to its latest all-time low on October 11. The currency is enduring another bout of weakness with the markets concerned that Turkey’s central bank in late September cut interest rates despite high and rising inflation.
The TRY stumbed to 9.0123 against the USD, marking a 0.5% decline on the day. The currency fell 6.5% in September and has continued to fall in October. “TRY @ 9, big level. Over 12 against Sterling, insane but reflective of bad monetary policy settings and [Turkish President Recep Tayyip] Erdogan’s failure to accept economic gravity,” tweeted Timothy Ash at BlueBay Asset Management.
The move to below nine came with a stronger dollar leaning on emerging market currencies but heavy domestic factors are weighing on the lira’s fate.
