2023-06-12 10:20:35
The Turkish lira fell to a new record, Monday, as investors awaited indications of monetary policy moves, following the appointment of a new head of the central bank, who is expected to raise interest rates.
The lira fell 1.3 percent at 23.65 once morest the dollar at 0834 GMT, following hitting a low of 23.77 once morest the dollar overnight.
The currency has lost more than 21 percent of its value this year.
JPMorgan said on Monday it expected Turkey’s central bank to raise interest rates to 25 percent from 8.5 percent at the moment at its meeting this month, Arkan’s first since taking office, and added that directives for smaller increases might be given in the future. future if necessary.
During the past week, major investment banks raised their expectations regarding the Turkish interest. Societe General expected that the Turkish Central Bank would raise interest rates by 650 basis points at the next meeting, and that interest rates would reach 25 percent in August.
Barclays also expected the bank to raise interest rates by 1,650 basis points at the next meeting, and expected them to reach 35 percent in October.
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