Turkish lira faces devaluation

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The rate of the Turkish lira is once again falling sharply in the midst of financial turmoil in Turkey. Last week, the Central bank of the country promised new measures to support the currency, but chose not to interfere with interest rates. The situation caused a sharp fall in lira rate last week.

On Monday, the rate went down to 1.7 percent against the dollar. The Turkish currency thus went up to more than 7.4 for a US dollar. The euro/lira rose to more than 8.6 on Monday in the morning.

On Monday, the Turkish government created additional uncertainty in the market by starting target practice near the Greek islands of Rhodes and Kastelorizo. This could increase the long-standing tensions over maritime rights in the region.

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Peretz M.

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