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ANKARA: The Turkiye lira weakened to a record low beyond 27.236 against the US dollar on Tuesday, due to inflationary pressure and a strengthening dollar, bringing its year-on-year losses to more than 31%.

President Tayyip Erdogan’s support for a low interest rate policy despite high inflation triggered a currency crisis in late 2021 and pushed price rises above 85% last year.

Turkish lira at record low near 19 to the dollar

The central bank, which has stopped intervening in the forex market to prop up the lira as of June, has reversed course and carried out two months of aggressive hiking.

The lira has shed some 24% of its value since the bank’s policy change.

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Hammad Hussain Sep 26, 2023 11:57pm
Now you're just being honest with you and your family and work
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Shadawi Musa Sep 28, 2023 12:41am
We pray that it stabilizes
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