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Turkish Lira Crashes to Record Low

May 23, 2018 at 11:04 by Vladimir Vyun

One Turkish liraThe Turkish lira crashed today, sinking 5% to the record low before recovering a bit. The currency still trades far below the opening level.

Analysts attributed the crash to concerns about the direction of monetary policy under President Tayyip Erdogan. While some specialists speculated that Turkey’s central bank may raise interest rates to prevent depreciation of the currency, others said that the bank is not independent enough to do so as long as Erdogan remains in power. The presidential election will happen on June 24, but most experts believe that Erdogan will keep his seat.

USD/TRY jumped 4.07% to 4.8592 as of 10:58 GMT today.

If you have any questions, comments, or opinions regarding the Turkish Lira, feel free to post them using the commentary form below.

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