Turkish lira weakens 0.5% against dollar By Reuters June 8, 2022, 6:00 AM The Turkish lira weakened some 0.5 percent against the dollar on Wednesday as concerns over rampant inflation were stoked by President Tayyip Erdogan’s pledge to continue cutting interest rates. The lira stood at 16.8550 against the U.S. currency at 0411 GMT, when compared to Tuesday’s close of 16.7650, slipping towards a record low it hit on Dec. 20. The currency has lost some 22 percent of its value so far this year. Speaking after a cabinet meeting this week, Erdogan said Turkey will not raise interest rates but rather continue cutting them in the face of high living costs. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
