Turkish lira in free fall, German Handelsblatt writes

10 April 2018
207 Views

The Turkish Lira is in a free fall due to the central bank’s decision to adhere to the dictates of Turkish Recep Erdogan, German newspaper Handelsblatt claims.

“The price of the Turkish lira is breaking one negative record after another. For the first time in history, today (April 9) the euro is worth more than five liras. The Turkish currency also recorded a new negative record in relation to the US dollar”, the paper writes.

Experts attribute the fall mainly to the high current account deficit and low real interest rates.

Although economic growth has strengthened, the Turkish central bank does not offset the low real interest rate with significant interest rate hikes but is adopting requests from the Turkish President. Pundits warn of the economy “burning out”, as cheap loans outweigh demand and may lead to stagnation or even recession, the German newspaper notes.

You may be interested

Greek architect Costas Kondylis who changed the face of New York died
GREECE
shares23 views
GREECE
shares23 views

Greek architect Costas Kondylis who changed the face of New York died

makis - Aug 20, 2018

Costas Kondylis, one of Manhattan’s most prolific architects and a close friend of President Donald Trump, died at the age…

Fire in Amaliada: One village has been evacuated
GREECE
shares24 views
GREECE
shares24 views

Fire in Amaliada: One village has been evacuated

makis - Aug 20, 2018

A fire broke out in the Amaliada area on early Monday afternoon. An evacuation order for the village of Dafniotissa…

Erdogan says attack on economy the same as an attack on flag
WORLD
shares26 views
WORLD
shares26 views

Erdogan says attack on economy the same as an attack on flag

makis - Aug 20, 2018

The Turkish President Recep Tayyip Erdogan stated in a video message in the occasion of the Muslim Eid al-Adha festival…

Leave a Comment

Your email address will not be published.