Turkish Lira Plunges to New Record Low

Published December 13th, 2021 - 08:42 GMT
Turkish Lira Plunges to New Record Low
Turkish lira has has lost half its value against dollar this year. (Shutterstock)

The Turkish lira plummeted to a new all-time low near 15 to the dollar on Monday ahead of Thursday's central bank meeting, and after S&P Global Ratings changed Turkey's outlook to negative.

The nation's currency plunged 4.2% to trade at 14.4741 per dollar at 10:09 a.m. in Istanbul.

The historical plunge comes with the speculations around the central bank of Turkey lowering policy rate by 100 points this week, to comply with the President Recep Tayyip Erdogan's demands for lower borrowing costs to boost growth.

It's worth noting that the Turkish lira has has lost half its value against dollar this year.


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