Turkish lira crashes to record low on worries over economy, US row

I have read Investing. Data this morning showed that U. Archived from the original on 13 December World Show more World links. The current currency sign of Turkish lira was created by the Central Bank of the Republic of Turkey in

Get Turkish Lira rates, news, and facts. Also available are Turkey Lira services like cheap money tranfers, a TRY currency data, and more.

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Today modern Turkey uses the second variant of lira after redenomination and removal of six zeros from the Turkish lira. Recently Turkish lira has significantly dropped, which means crisis is Turkey. The value of the Turkish lira has halved in against the US dollar. The decline has been aggravated by latest US threat to double tariffs on Turkish steel and aluminum.

However, there is a list of other reasons of lira freefall. Get the news and stories on that matter, as well as on Turkish relations with the US. Turkish President Recep Tayyip Erdogan has accused Washington of waging an economic war against his country. Speaking before his ruling AK party in Ankara on Friday, he urged boosting the role of the Turkish lira in settlements. This may well be the whole point. Turkey also has similar plans for trade with China and other countries.

The raging diplomatic row between Ankara and Washington has put immense pressure on the Turkish lira and as a result, gold futures trading has nearly doubled in the country as investors scramble for traditional safe havens. There is no contagion effect of Turkish Lira fall on India rupee: Turkish lira crashes to record low on worries over economy, US row. Choose your reason below and click on the Report button. This will alert our moderators to take action. Get instant notifications from Economic Times Allow Not now You can switch off notifications anytime using browser settings.

Technicals Technical Chart Visualize Screener. NIFTY 50 11, Drag according to your convenience. The median estimate in a Bloomberg survey of economists is for a basis-point increase to the one-week repo rate to 21 per cent. The decision is due at 2 pm local time. The lira tumbled after President Recep Tayyip Erdogan said Turkey should cut interest rates just hours before the central bank is due to review policy.

Speculation has been growing that the monetary authority will deliver a sizeable interest-rate increase Thursday after it signalled potential action last week to help stem accelerating inflation. The currency slid more than 3 percent against the dollar, set for the steepest decline in two weeks.

While Erdogan said the central bank is independent and will take its own decision, his comments are spooking investors. They worry that the president's long-held distaste of higher borrowing costs will stand in the way of effective policy action needed to anchor the the nation's assets.

Inflation accelerated to almost 18 per cent in August, eroding the real yield on the currency and leaving it exposed to higher borrowing costs in the U. S and already-shaky investor appetite for emerging market assets. Read more on Turkish lira.

Turkish Liras

Läs om Turkiets valuta och se aktuell kurs för Turkisk lira. Beställ lira online inför Turkietresan. Läs om Turkiets förhandlingar med EU. The current currency sign of Turkish lira was created by the Central Bank of the Republic of Turkey in The new sign was selected after a country-wide contest. The new symbol, created by Tülay Lale, is composed of the letter 'L' shaped like a half anchor. This currency rates table lets you compare an amount in Turkish Lira to all other currencies.