Under the weight of the Caucasus conflict … the Turkish lira is paying a “dearly” price.


And it slipped lira To record levels against the dollar, the euro and the pound sterling, in light of fears of increasing Turkey’s interference in the escalating conflict in the Caucasus region between Armenia and Azerbaijan.

And decreased Turkish Lira 1.6 percent was on a path leading to its worst day since early August, when the latest selloff began to hurt the currency, which lost half its value in less than three years.

The sell-off erased a rally achieved late last week when the rally Turkish Central Bank Unexpectedly, interest rates were 200 basis points to 10.25 percent.

And eloquence Turkish currency 9.0780 against the euro and 10.0557 against the pound by 1056 GMT, according to Reuters

The lira also took a hit from the strengthening of the dollar, and it traded near a record low against the US currency at 7.7940.

The lira is one of the worst performing currencies this year, down 22 percent, due to concerns about Turkey’s dwindling foreign exchange reserves and real interest rates well below zero.

The currency reached about 7.7 pounds to the dollar, losing half of its value in less than 3 years, as the decline began when a currency crisis in 2018 sparked an economic recession that ended years of prosperity under the president. Recep Tayyip Erdogan.


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