Turkish Lira Slips Again, Down 20% on Year

Date: 06 June 2022 - 21:48

News ID: ۱۰۳۳۶۲

ISTANBUL (Reuters) - Turkey’s lira slid to beyond 16.55 against the dollar on Monday, bringing its losses to more than 20% this year, as concerns about a surge in annual inflation to a 24-year high weighed on sentiment.
The lira weakened as far as 16.56 to the U.S. currency by 0532 GMT. Recent losses have brought it back towards the record lows hit on Dec. 20 in a currency crisis triggered by a series of unorthodox rates cuts in late 2021.
The lira shed 44% last year and has been the worst performer in emerging markets for several years running due largely to economic and monetary policy concerns under President Tayyip Erdogan’s government.