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25 Nov 2021

Turkish Lira Finally Rebounds After Months of Lows

The Index Today

The Turkish Lira began on its recovery after reaching record lows caused by the President’s interest rate cuts. At 11.85 at 0400 GMT, the lira gained 1.9% from a close of 12.0820 on Wednesday. Last week it fell to its lowest level against the dollar at 13.45.

Prior to Wednesday, the currency fell at a record level against the dollar in 11 consecutive sessions, losing as much as 45% of its total value. President Erdogan’s fiscal policies have been criticized for the decline of the lira and the high inflation in the country.

©Photo: reuters.com

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