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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

Turkey’s Lira Dips Again, Down 22% So Far This Year

Recep Tayyip Erdoğan Turkey Interest Rates Inflation United States
A woman holds Turkish Lira banknotes in this illustration taken May 30, 2022. (Reuters)

The Turkish lira slid 0.9% against the dollar on Wednesday, bringing its losses to 22% this year, after worries about a surge in inflation were fueled by President Tayyip Erdogan's pledge to keep cutting interest rates.

The lira stood at 16.93 against the US currency at 0611 GMT, weakening from Tuesday's close of 16.7650 towards a record low which it hit on Dec. 20 in a currency crisis triggered by a series of unorthodox interest rates cuts.

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