Turkish lira plummets to record lows against dollar after Trump’s move

Turkish lira plummets to record lows against dollar after Trump’s move

ISTANBUL
Turkish lira plummets to record lows against dollar after Trump’s move

 

The value of the Turkish lira plunged to record lows, dropping below 4.37 against the dollar on May 9, amid rising global geopolitical risks after United States President Donald Trump decided to pull his country out of the international nuclear deal with Iran on May 8.

The Turkish lira has dropped 2.7 percent since the start of this week, Reuters reported on May 9.

One dollar was traded for around 3.78 liras at the start of the year.

The next meeting of the Turkish Central Bank’s Monetary Police Committee (MPC) is scheduled to take place on June 7, just 16 days before the presidential and parliamentary snap elections.

Some analysts say the Central Bank may intervene before the MPC meeting to stabilize the currency, according to the Reuters report.

However, it is doubtful whether any intervention will draw meaningful results, the report added.

Dollar, Turkish Lira, lira, exchange rate