Turkish lira hits fresh 18-month low as virus infections surge

24 March 2020
417 Views

Turkey’s lira extended its lowest levels since September 2018 on Monday as confirmed infections from the coronavirus rose by nearly one-third in a day, weighing on market sentiment.

The lira fell to as low as 6.602 per dollar in Istanbul trading. It was down 0.8 percent at 6.601 against the U.S. currency at 2:06 p.m. local time. The main BIST 100 share index dropped 2.4 percent 83,734 points.

Infections in the country climbed by 289 to 1,236 cases, the Health Ministry said late on Sunday. Deaths increased to 30 from 21, it said.

The Turkish lira has dropped almost 10 percent this year, nearly equaling the 11 percent it lost in the whole of 2019. Turkey’s central bank has slashed interest rates to 9.75 percent from 24 percent last July – inflation stands at 12.4 percent – raising concern that the authorities are leaving the lira exposed to potential economic turmoil by rendering it less attractive to investors.

Turkey’s shops are closing for business and tourism income, a vital source of foreign currency, is set to plummet after European countries imposed lockdowns. Turkey’s Ministry of Transport and Infrastructure announced on Saturday that flights to 46 more countries will be suspended, bringing the total number to 68. Companies producing medical masks may be seized if they are found to stockpile products, Interior Minister Süleyman Soylu said.

Source: ahval

You may be interested

All retail stores to open on Monday in Greece
GREECE
shares37 views
GREECE
shares37 views

All retail stores to open on Monday in Greece

makis - Jan 15, 2021

The Expert infectious disease team has proposed opening retail stores nationwide from Monday via the ‘click in shop’ method, while…

Hellenic Air Force: How low can you go?
DEFENCE
shares50 views
DEFENCE
shares50 views

Hellenic Air Force: How low can you go?

Panos - Jan 15, 2021

In the last few days a video from an Helenic Air Force Base has gone viral. It demonstrates the level…

How Fast Is 5G? (infographic)
GREECE
shares49 views
GREECE
shares49 views

How Fast Is 5G? (infographic)

Panos - Jan 15, 2021

As Apple is getting ready to ship the new iPhone 12 this week, much has been written about the new iPhones’ standout feature: 5G.…

Leave a Comment

Your email address will not be published.