BRINGING YOU THE TURKISH PERSPECTIVE

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Friday, August 31, 2018

Turkish Lira is again in FREE FALL after Erdoğan fails to lift the investor's confidence

Turkey's lira has lost more than 40% of its value this year

ANKARA, Turkey (The Attitude Times) — The Turkish lira has additionally debilitated against the dollar in the midst of speculators' turn far from developing markets and worries over President Recep Tayyip Erdogan financial strategies.

The lira dropped 4.11 percent on Thursday, exchanging at around 6.73 against the dollar and drawing nearer to the record low of 7.24 it hit not long ago. The cash has lost near 40 percent of its incentive since the beginning of the year.

Thursday's deterioration taken after news that the Turkish national banks' representative senator, Erkan Kilimci, had surrendered and would take up another situation at Turkey's improvement bank.

Erdogan, 'the enemy of high interest' has put pressure in Central Bank of Turkey to not to raise the interest rate and was required to delegate his substitution in the midst of developing worries over the autonomy of money related strategy.

Turkish President Erdogan had long been ignored plunging lira in the face of rising inflation to encourage growth.

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