December 14, 2021
1 min read

Turkish lira hits new low

The lira stood at 14.48 at 12.20 p.m. on Monday after losing nearly 5 per cent of its value since the close of 13.88 on December 10 …reports Asian Lite News

The Turkish currency, lira, has hit a new record low of 14.60 against one US dollar ahead of an upcoming meeting of the country’s Central Bank on the interest rate cut.

The lira stood at 14.48 at 12.20 p.m. on Monday after losing nearly 5 per cent of its value since the close of 13.88 on December 10, reports Xinhua news agency.

The currency has fallen more than 45 per cent in value against the greenback since the start of the year, and the losses expanded in the last three months as the central bank made consecutive interest rate cuts.

Following the further depreciation of the lira, the Central Bank of the Republic of Turkey interfered in the foreign exchange market by selling dollars, it announced on its website on Monday afternoon.

The bank has sold around $2 billion to hold the lira at the 14 thresholds with several interventions in the last two weeks.

ALSO READ: Turkey’s New Finance Minister Meets Business Leader

Previous Story

Cop shot dead in Rawalpindi

Next Story

‘Back to school’ for Naveen Patnaik

Latest from -Top News

UK MPs Slam Pakistan Over Minority Abuses

Minority communities such as Shias, Christians, Hindus, and Ahmadis continue to face harassment, violence, and intimidation. In many cases, law enforcement either turns a blind eye or enables the attacks through inaction…reports

Words Won’t Stop China, Quad Must Deliver

 If the Quad aims to counterbalance China’s growing influence, it must expand its focus beyond the maritime domain and address the continental dynamics of the Indo-Pacific…writes Imran Khurshid Despite early concerns that

India Stays Neutral on Dalai Lama Succession

As exiled Tibetan spiritual leader approaches his 90th birthday, he asserted on Wednesday that there will be the 15th reincarnation…reports Asian Lite News Responding to the Dalai Lama’s recent remarks, India on

USAID cut could kill 14 million more deaths

Human rights advocates and global health experts have expressed alarm at the speed and scale of the cuts…reports Asian Lite News A new study published in The Lancet has warned that ongoing

Trump goes nuclear on Mamdani

Mamdani, a 33-year-old democratic socialist and son of Indian-Ugandan immigrants, secured a surprise victory over former governor Andrew Cuomo in the Democratic primary.;…reports Asian Lite News President Donald Trump has intensified his
Go toTop

Don't Miss

‘India has unexplored, unattended opportunities’

Hinting at a foray in India, Warren Buffett said it

Reliance inks key deal with Lanka’s Maliban

Maliban, a biscuit manufacturer, is well known for last 70