Economy: Turkish Lira hits another record low

Hitting the psychologically key level of 3 lira to the euro

15 January, 17:36

    (ANSAmed) – ISTANBUL, JANUARY 15 - The Turkish Lira slumped to a record low against the U.S. dollar and the euro after the announcement of current account deficit data that fueled concerns over the country’s financing vulnerabilities, as daily Hurriyet reports. The Turkish currency sank yesterday to a record low against the euro, hitting the psychologically key level of three lira to the euro. After starting off the day at around the 2.18 level, the Turkish currency jumped to an all-time record of 2.1977 against the dollar. The Istanbul stock market also lost ground, sliding 1.32% to 67,221.75 points. The slump followed the Central Bank’s announcement that Turkey’s current account deficit had risen to USD 3.9 billion in November from USD 2.9 billion the previous month. The current account deficit recorded USD 55.9 billion in January-November indicating an increase of USD 12.3 billion, while the current account deficit excluding non-monetary gold decreased by USD 3.5 million over the same period of the previous year decreasing to USD 45.5 billion, the statement released on the bank’s website read. The current account deficit has also become USD 60.8 billion on an annual basis. (ANSAmed).

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