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Market Update: Turkish Lira Holds at Near Record Low
The Turkish lira remained close to a near record low of 8.4 per USD, amid concerns over rising inflationary pressure and tensions between Turkey and the US as Ankara threatened last week to go ahead with its purchase of the Russian S 400 missile defense systems despite warnings from Washington. On the monetary policy front, investors feared that Turkey’s central bank might not be able to bring inflation down as it seeks to support the economy hurt by the COVID-19 crisis. On May 6th, policymakers kept rates steady, even as inflation rate rose to its highest level in nearly two years. The central bank said last month that inflation would peak in April and decline to 12.2% by year-end, while Governor Kavcioglu warned that any rate hike would send a bad message for the real economy. Since November, the bank has raised interest rates by 875 bps to counter a sharp rise in inflation. [/s2If]
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