Turkish Lira Erdogan. The Turkish lira was making significant gains Tuesday after the countrys president announced new measures. Tim Ash Senior Emerging Markets Strategist at Bluebay Asset Management is among those.
Turkeys experiment in cutting interest rates to fight inflation has sent its currency crashing to record lows this year. Turkeys lira plunged as low as 14 to the US dollar and hit new lows against the euro on Tuesday capping a historical month of selling after President Tayyip Erdogan again endorsed aggressive interest rate cuts despite widespread criticism and soaring inflation. Tim Ash Senior Emerging Markets Strategist at Bluebay Asset Management is among those.
Turkeys experiment in cutting interest rates to fight inflation has sent its currency crashing to record lows this year.
On Tuesday the lira strengthened by more than 10 to trade around 12 lira versus the US currency after gaining 23 on Monday and recovering from a record low. Turkish President Recep Tayyip Erdogan attends a news conference in Budapest Hungary November 7 2019. Now President Recep Tayyip Erdogan is trying to prop up the lira with a raft of new unorthodox economic measures. Turkish lira plunges to a historic low and protests erupt after Erdogan defends rates cuts The Turkish lira has dropped 40 per cent in value since the start of the year shedding as much as 15 per.
