Turkish lira is falling towards record lows

US, WASHINGTON (NEWS OBSERVATORY) — The Turkish lira continued its losses on Tuesday, falling to record lows in the currency crisis in 2018, as it was affected by investor concerns about the financial and economic impact of the Corona virus pandemic.

In the face of market pressure, bankers told Reuters that the Turkish central bank raised the limits of market operations to exchange the lira in foreign currencies to 40 percent from 30 percent previously.

The lira fell 0.5 percent to 7.0800 dollars. The currency hit a record low of 7.24 in August 2018. Since the beginning of this year, the lira has fallen 16 percent as it is under pressure from the outbreak of Covid-19 which resulted in the death of 3461 cases, although new cases of infection decreased sharply in The past few days.

President Recep Tayyip Erdogan said on Monday that Ankara begins easing measures to contain the Coronavirus, and will lift restrictions on travel between cities in seven regions and ease the curfew imposed on the elderly and young people.


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