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Market Update: Turkish Lira Weakens in Afternoon Trading
The Turkish lira fell in afternoon trading on Tuesday to touch 8.45 per USD, its weakest since May 18th and not far from a near record low hit earlier this month, following the removal of another central bank official. The move came in two months after President Recep Tayyip Erdogan fired Naci Agbal, the banks third governor in less than two years. The lira has been recently hit by concerns over rising inflationary pressure, as investors fear 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. Earlier this month, policymakers kept rates steady, even as inflation rate rose to its highest level in nearly two years. Elsewhere, tensions between Turkey and the US persisted after Ankara threatened last week to go ahead with its purchase of the Russian S 400 missile defense systems despite warnings from Washington. [/s2If]
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