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The Turkish lira traded at a record low of 9 against the US dollar

The Turkish lira just break a new low record of 9,0072  TL

The depreciation of the Turkish lira

The Turkish economy’s enormous current account deficit and large quantities of private foreign-currency-denominated debt.

Combined with President Recep Tayyip Erdoğan’s growing authoritarianism and his unconventional beliefs regarding market interest rates, triggered the crisis. Also, the lira has been under a lot of pressure which caused the collapse.

The Turkish central bank

Concerns about monetary policy credibility and a strengthening US currency drove,

the Turkish lira to a record low of 9 against the US dollar.

Following President Tayyip Erdogan’s calls for lower interest rates in a country.

Where inflation is over 19%, the Turkish Central Bank reduced its main interest rate by 100 basis points to 18% last month.

The Turkish president interference with the central bank had a tremendous impact on the lira and broke the confidence of the foreign investors.

The Turkish lira has broken a record against the US dollar it reaches  9,00 TL (Dollar /TL) this evening another low record for the Turkish lira.

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