Turkish Lira suffers more low as it reaches a new record against foreign currencies on Monday

The Turkish lira suffered another set back on Monday as it crashed with about 7% to set a new record of almost 15TL to the dollar.

The latest crash was due to fear over  another interest rate cut on Thursday.

The sudden slide left the TL with half the value that it had at the end of last year, giving rise to more inflation.

The dollar which started the day at 13.8741 in a flat course, exceeded 14 TL on Monday morning as the rise continued.

As of 9:15am in the TRNC free market, USD/TL was traded at 14.55, Euro/TL at 16.40, and Sterling/TL at 19.20.

The central bank (CBT) in the last week intervened in the foreign exchange market three times by selling dollars and kept the lira (TRY) below the 14.0 level.

The lira slid as far as 14.99 against the U.S. currency in thin market liquidity, from Friday’s close of 13.889. By 0815 GMT, it had trimmed losses in volatile trading and stood at 14.44.

Turkey’s central bank, is expected to cut its policy rate by 100 basis points to 14% this week, despite inflation soaring to 21.3% last month.

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