The Turkish currency sank on Tuesday to a record low against the euro, hitting the psychologically key level of three lira to the euro as the country remained embroiled in a deep political crisis. The euro briefly touched 3.0013 lira in early afternoon trading, while the Turkish currency was also trading at 2.1938 to the dollar. The Istanbul stock market also lost ground, sliding 1.32 percent to 67,221.75 points. The stress on financial markets also came amid continuing investor concern about Turkey's external financial position. "Turkey is currently facing a dangerous combination of large external imbalances, higher global yields and escalated domestic political tensions," Finansbank said in a commentary. Official figures released on Tuesday showed some relief however, with the current account deficit for November coming in below market expectations. The current account deficit for the month stood at $3.9 billion (2.8 billion euros), down from $4.1 billion recorded in November 2012, resulting in a contraction of the 12-month rolling deficit for the first time since March, Finansbank said. "The external deficit that Turkey can sustain is much lower now. Therefore, we foresee Turkey’s external deficits to continue to shrink in the forthcoming period, on account of the weakness of the Turkish lira and a likely weakening of the domestic demand as well as the recovery of the global economy," it said.
GMT 11:02 2018 Tuesday ,11 December
ASE opens trading on lower noteGMT 15:40 2018 Monday ,10 December
Amman stock market closes trading at JD4.4 millionGMT 19:10 2018 Wednesday ,05 December
Index at Palestine stock market drops by less than one pointGMT 17:58 2018 Sunday ,25 November
Amman stock market wraps up trading at JD2.6 millionGMT 14:24 2018 Thursday ,22 November
Russia’s stock market demonstrates record-breaking figures in 2018GMT 11:45 2018 Tuesday ,20 November
Tokyo stocks close lower as tech issues weigh, Nissan tumblesGMT 15:08 2018 Monday ,19 November
Amman stock market wraps up trading at JD6.1 millionGMT 15:51 2018 Sunday ,18 November
U.S. stocks post weekly losses amid tech shares routMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor