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.