The Turkish Lira has plummeted to a new record low at 31 lira against the dollar, continuing a decline that has led to it losing about 40% of its value since the beginning of 2023. The currency touched a new low at 31.0035, resulting in losses of nearly 5% so far this year.
A Reuters poll published on Friday showed that the Turkish central bank is expected to keep interest rates at 45% this week, after raising them by 250 basis points last month, marking the end of a sharp tightening cycle.
The Monetary Policy Committee will meet tomorrow, Thursday, February 22, after the appointment of Sahap Kavcioglu as the central bank’s president on the third of this month following the resignation of Naci Agbal, who attributed her decision to the need to protect her family from what she called a media smear campaign.
All 11 economic experts surveyed by Reuters agreed that the central bank will keep interest rates steady this month.
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