Thursday, September 17, 2020

Turkish currency drops to new low against USD

Turkish currency

The Turkish currency dropped to a record low against the US dollar on Thursday, raising concerns of high inflation and unemployment.
The Turkish lira touched a low of 7.54 against one dollar, losing over 20 percent of the value against the U.S. currency since the beginning of this year.

Yalcin Karatepe, a scholar and economist from Ankara University, said on his Twitter account that the dollar surpassed the psychological threshold of 7.50.

"Foreign capital continues to exit Turkey with no new money coming," he said.

For Mustafa Sonmez, an economy writer, the main impact of the depreciating lira will be on inflation and unemployment.....(globaltimes.cn)

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