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Turkish lira edges further into record low territory

Turkey’s lira edged deeper into record low territory on Tuesday, nearing 7.5 versus the dollar, as investors looked for signals whether the central bank had halted its month-long backdoor policy tightening.

The lira <TRYTOM=D3> declined to 7.4710 at 0749 GMT, a bit weaker than Monday’s close. The currency has fallen five of the last six sessions and is down 20% this year, among the world’s worst performers.

The central bank has taken backdoor steps to tighten credit since a selloff hit the lira beginning at the end of July. But after a rise, the average cost of funding <CBTWACF=> has hovered near 10.15% in recent days. The bank’s policy rate is 8.25%.

Reuters

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