Turkish Lira falls to record level against the Dollars, Euro and Pounds

The Turkish Lira is currently on a free fall as it continue to drop heavily against foreign currencies.

The Turkish Lira which started to drop against foreign currencies after Turkish President Erdogan's Cabinet meeting statements on Monday continued its downwards trajectory on Tuesday morning reaching record level of 12 TL against the Dollar, 13.5 TL against the Euro and 16.70TL against the British Pounds. 

The British Pound had started the day at 15.2868TL and later reaching 16.4323TL, an increase of 7.53% as at midnight.

The Euro exchange started the day at 12.8277, and later traded at 13.8359TL, an increase of 7.90% as at midnight.

The dollar started the day at 11,4125TL and now trading at 12,2593TL, an increase of 7.48% as of  midnight.

President, Erdogan on Monday reiterated that they were determined to adopt low interest rates. Immediately after the statement, the Turkish Lira went up to the levels of 11.99 USD/TL, 13.44 Euro/TL and 16.01 Sterling/TL.

Erdogan said, "We know very well what we are doing with this policy, why we are doing it, how we are doing it, what risks we face and what we will achieve in the end" and also described the process as an "economic liberation war."

Describing the low interest rates as pleasing, Edogan stated that the price increases due to the depreciation of the TL will not directly affect the investments.

After this statement, regarding the low interest rate stability, the Turkish Lira fell to a historical peak against dollar at 12 TL.

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