Turkish Pound: Break the 8 pound barrier per dollar

The Turkish pound set a new record against the US dollar, despite the fact that the central bank kept interest rates unchanged last week, in anticipation of a sharp rise. Turkey faces another major currency crisis and sees the pound sinking and foreign exchange sinking The currency crossed the critical milestone after the start of trading on the Turkish stock market on Monday, in a period of high tensions between Europeans and the US. Losses in the Turkish pound The dollar rose 1.19% at 8.0525 pounds per dollar. The Turkish currency has lost more than 25% of its value against the dollar since the end of 2019. The Turkish stock market is also under pressure with the Bist 100 losing 1.08%. Bloomberg notes that this is the longest downward series since 1999! Read also: Macron vs. Erdogan at the ends: Oil on fire Turkey – Europe on France’s sideIt is the first time the $ 8 barrier is broken.BREAKING! The Turkish Lira weakens to 8 against the US Dollar for the first time ever. #TRY #USD pic.twitter.com/8m4hx9Wp3G— jeroen blokland (@jsblokland) October 26, 2020Turkish currency has been hit by extremely low interest rates and declining foreign investor interest in Turkish assets as the country faces The risk of US sanctions, the conflicts in the Eastern Mediterranean and the Caucasus, but also the economic consequences of the pandemic. Bloomberg notes that Turkey has already spent faster than any other large developing economy its foreign exchange reserves, in an effort to Follow it on Google News and be the first to know all the news See all the latest News from Greece and the World, at

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