Turkish Lira takes another huge dive

The Turkish lira again lost great cost on Wednesday. The foreign money fell by as much as 7 percentage to 23.1621 in step with dollar. It is the most important dive in extra than a year. The lira is also dropping floor against the euro.

In the run-as much as the Turkish elections in May, the Turkish critical bank, in an try to get a extra advantageous view of the financial system, had closely propped up the lira with the aid of promoting greenbacks. Between January 1 and the polls, it changed into $ 30 billion. According to traders, Turkey has now stopped promoting greenbacks.

This is the 12th consecutive day of loss of price for the lira. Since May 28, whilst the second spherical of the presidential election happened, the currency has already lost 12 percent in opposition to the greenback.

Turkish President Recep Tayyip Erdogan, known for his alternatively unorthodox monetary perspectives, appointed Mehmet Simsek as the new finance minister on Saturday. It already appeared on Sunday that it wanted to go back to “rational measures” to get the financial system back on target. His priority is to tackle skyrocketing inflation, which stood at 39.6 percent on an annual foundation in May, after peaking at 85 percent closing 12 months.