#Turkey #Ankara #Coronavirus #Lira
The Turkish lira reached a record low against the U.S. dollar, reaching 7.55 on Thursday at 12:21 local time in Istanbul.
The Turkish lira reached a record low against the U.S. dollar, reaching 7.55 on Thursday at 12:21 local time in Istanbul.
The fall follows better than anticipated economic data in the U.S., where the federal reserve upgraded its 2020 GDP forecast, leading to a depreciation across many emerging currencies as investors moved to the dollar.
The weakness of the lira comes amid predicting by the Organization for Economic Co-operation and Development (OECD) that the Turkish economy would decline less than anticipated this year. The international economic organization had expected a decline of 4.8 per cent in 2020.
But this was revised to 2.9 per cent in its interim economic outlook published on Wednesday. On Monday, Moody's credit agency cut its investment rating of Turkish debt to its lowest-ever level, citing the concerns about Turkeys foreign currency reserves and growing dollarization.
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