The Turkish lira continues to record record lows, as it tested this Friday morning the 12th of November levels of 9.9800 and became less than 200 points away from the psychological level of 10 thousand amid anticipation in the markets for the meeting of the Turkish Central Bank next week on the 18th of November.
According to opinion polls conducted by Reuters yesterday, Thursday, the poll showed that it is widely expected that the Turkish Central Bank will continue to cut interest rates for the third meeting in a row by 100 basis points to reach 15% after cutting them by 100 basis points on the 23rd of September and then by 200 points The basis on the 21st of last October.
The Turkish lira is considered one of the worst performing emerging currencies during the current year, as it lost more than 25% of its value due to the interventions and pressures exerted by Turkish President Recep Tayyip Erdogan with his interventions in the policy of the Turkish Central Bank and his adoption of an economic theory contrary to all international theories by saying that lowering interest rates is the way to reduce Inflation, not the other way around, as seen by most economists around the world.
The US inflation data released on Wednesday, which came with the highest rate of price growth since 1980, which led to the rise of the US dollar to its highest level in 16 months, put additional pressure on the emerging currencies, led by the Turkish lira.
Inflation rates in Turkey are still stabilizing at their highest levels, as the Turkish Statistical Center announced last week that annual inflation rose to 19.9% in October, compared to 19.6% in September.
The latest data issued by the Turkish Statistics Authority yesterday, Thursday, showed a decrease in the unemployment rate in Turkey in September by 0.3% to reach 11.5%.
06/11/2024
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