Turkish lira drops record low against US dollars

Dhaka,  Wed,  26 October 2016
Published : 14 Oct 2016, 18:25:37

Turkish lira drops record low against US dollars

The Turkish lira fell to a record low of 3.1107 against the US dollar in early-morning trading on Thursday, reports Xinhua.

The dramatic drop came a day after the ruling Justice and Development Party decided to further constitutional changes to introduce an executive presidential system.

Turkish Prime Minister Binali Yildirim said on Wednesday the government will submit a charter draft suggesting a presidential system to expand the powers of President Recep Tayyip Erdogan.

In the United States, the Federal Reserve's September meeting minutes released on Wednesday signaled a potential interest rate hike, creating additional pressure on emerging currencies such as the Turkish lira.

Observers say that Turkey's decision Tuesday on the extension of state of emergency for three more months, the downgrading late September of Turkey's credit rating by Moody's, and expectations of further interest rate cut by the Turkish central bank are among the factors pushing down the lira.

The previous record low for the lira's parity rate was 3.0970 posted on July 20, when Standard & Poor's, citing political uncertainty after the July 15 coup attempt, lowered Turkey's credit rating.

-    TS
Editor : A.H.M Moazzem Hossain
Published by the Editor for International Publications Limited from Tropicana Tower (4th floor), 45, Topkhana Road, GPO Box : 2526 Dhaka- 1000 and printed by him from City Publishing House Ltd., 1 RK Mission Road, Dhaka-1000.
Telephone : PABX : 9553550 (Hunting), 9513814, 7172017 and 7172012 Fax : 880-2-9567049
Email : editor@thefinancialexpress-bd.com, fexpress68@gmail.com
Copyright © 2016. All rights reserved
Powered by : orangebdlogo