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Market Update: Turkish Lira Hits All-time Low
Turkeys lira depreciated past 8.7 against the US dollar, after the country’s central bank held the policy rate at 19%, saying the current tight monetary policy stance will be maintained decisively until a significant fall in inflation. Investor concerns about the bank’s credibility and its ability to bring inflation down is expected to continue, as the headline inflation has been above the mid-point target of 5 percent for years and as President Recep Tayyip Erdogan has been calling for lower interest rates to support the economy. Also, strained US-Turkey relations weighed on the currency, as Erdogan reiterated once again the country’s stance on the S-400 missile-defense system it purchased from Russia following his first face-to-face bilateral meeting with US President Joe Biden, which could trigger a new round of US sanctions. [/s2If]
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