© Archyde.com. US dollars in front of bundles of Turkish banknotes in an expressive photo taken on November 23, 2021 in Istanbul. Photo by Murat Sezer – Archyde.com.
(Archyde.com) – It fell 1.1 percent once morest the American on Tuesday, to a record low closing level, as concerns regarding runaway inflation intensified following President Recep Tayyip Erdogan pledged to continue cutting interest rates.
In a speech on Monday evening, Erdogan sought to play down a jump in annual inflation that took it to 73 percent last month, saying it was one of the few problems facing the economy that is likely to begin to ease early next year.
And the lira recorded at the close on Tuesday 16,765 to the dollar, compared to 16.58 at the close on Monday, extending its losses since the beginning of the year to more than 21 percent to add to a sharp decline of 44 percent in 2021, when it was affected by a series of unconventional interest rate cuts despite inflation high.
(Prepared by Wagdy Al-Alfi for the Arabic Bulletin)