Arab Today, arab today turkish lira hits new record low against us dollar
Last Updated : GMT 18:31:50
Arab Today, arab today
Arab Today, arab today

Turkish lira hits new record low against US dollar

Arab Today, arab today

Arab Today, arab today Turkish lira hits new record low against US dollar

Ankara - XINHUA

The Turkish lira dropped to a new record low to 2.2509 against the U.S. dollar on Monday as the negative impact of a corruption probe shaking up the government was compounded by a strengthening greenback after U.S. robust data, private NTV news channel reported. The Turkish lira has fallen in value by 9,2 percent since graft probe operation on Dec. 17, and fresh operations in one month on allegations of bribery and corruption added to political uncertainty and a feeling of uneasiness in financial markets. The lira is also affected after a Federal Reserve Bank of New York rate of manufacturing in the state jumped to its highest level in 20 months in January, boosting the dollar. The lira's continuous slide intensifies pressure on the Central Bank to hike interest rates with a government corruption and bribery scandal. The bank has so far avoided rate hikes in fear of denting growth, and it is expected to leave its main interest rates on hold again at its monetary policy meeting on Jan. 21. Meanwhile, the foreign investment inflow will further slow down with the flaming up and with the deepening of the political crisis, and the short term investor will also depart by converting to dollars, Hurriyet Daily News reported on Monday. Despite the decrease in the inflow of foreign investments, the foreigners have not yet emptied their portfolios and left, according to the report. During the rapid loss of the dollar, the value of the portfolios of the foreigners who could not leave the lira fell and when it was the end of 2013 the total of portfolio investments fell to 130 billion U.S. dollars, he said, adding that this 15 billion dollars drop should be interpreted as the melting down of the lira investments against the dollar's valuation. The obligation to pay 165 billion dollars foreign debt in 12 months will increase the demand for foreign currency and that this will cause the exchange rate to go upward, said report.

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