The Turkish lira hit a fresh record low on Thursday following a cabinet reshuffle by Turkish Prime Minister Recep Tayyip Erdogan amid a huge graft scandal. The lira fell to 2.1035 against the dollar on Thursday, after starting the day at 2.0914. On Wednesday three top ministers whose sons have been caught up in police anti-corruption raids announced their resignations, with one calling on Erdogan to also step down in the first such challenge to the prime minister from within his own ruling Justice and Development Party (AKP). In response to the escalating crisis, Erdogan announced a long-expected cabinet reshuffle and named 10 new ministers -- almost half of the cabinet. The renewed political crisis ended a brief reprieve for the lira. It had strengthened to 2.0650 following an announcement by the central bank on Tuesday that it would ramp up its support for the unit by selling at least $6 billion in foreign currency by the end of January. The lira has also been under heavy pressure this year in expectation of the US Federal Reserve's decision to reduce its stimulus measures. As a leading emerging economy, Turkey has been one of the main beneficiaries of the Fed's stimulus as US investors sought higher returns abroad. The Istanbul stock market also dropped by 1.8 percent to 64,904 points on Thursday.
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