RateCaptain
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Rate Captain
No Result
View All Result
Home Currencies

Turkey Lira Slumps to Record Low After Central Bank Rate-Cut Surprise

Rate Captain by Rate Captain
September 23, 2021
in Currencies
Reading Time: 1 min read
A A
0
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

AlsoRead

Naira Depreciates at all Markets: Naira Hits N610/$1 at B2B Market

Naira Depreciates Further at the Parallel Market Amidst Foreign Reserves Massive Dip

IMF increases the weight of US dollars and Chinese yuan in the SDR Basket

Turkey’s lira tumbled to a record low after the central bank unexpectedly lowered its key rate despite a deteriorating inflation outlook.

The currency weakened as much as 1.7% to 8.8017 per U.S. dollar after the central bank cut the one-week repo rate by 100 basis points to 18%. All but one out of 23 economists surveyed by Bloomberg expected the bank to stand pat on Thursday.

The decision is a sign that policy makers are yielding to President Recep Tayyip Erdogan’s demands for lower borrowing costs. The move also threatens to further undermine investors confidence in the nation’s assets as the real yield on the lira is eroded.

“Any time this year would have been too early,” said TD Securities’ Cristian Maggio. “They just seem to have gone ahead with was in the plans since the governor change.”

Turkey’s benchmark rate now stands 125 basis points below headline inflation, which accelerated for a third month to 19.25% in August. That’s almost four times the official target for the year.

The currency has weakened more than 15% against the dollar this year, and is poised for its ninth consecutive annual depreciation.

Previous Post

Naira Gains After $4 Billion Euro Bond

Next Post

Abuja Records 191 of 433 New COVID-19 Cases in Nigeria

Related News

Naira Depreciates at all Markets: Naira Hits N610/$1 at B2B Market

by Rate Captain
May 20, 2022
0

On Thursday, 19 May 2022, The Nigerian naira closed at N420.33/$1 to the dollar at the official Investors and Exporters...

Naira Depreciates Further at the Parallel Market Amidst Foreign Reserves Massive Dip

by Rate Captain
May 18, 2022
0

On Tuesday, the 17th May 2022, The Nigerian naira closed at N418.50/$1 to the dollar at the official Investors and...

IMF increases the weight of US dollars and Chinese yuan in the SDR Basket

by Rate Captain
May 18, 2022
0

The International Monetary Fund has increased the weighting of the dollar and the Chinese yuan during its review of the...

FX Supply Crisis Weakens the Naira to N421.50/$1 at Official I&E Window

by Rate Captain
May 17, 2022
0

On Monday, the 16th May 2022, The Nigerian naira closed at N421.50/$1 to the dollar at the official Investors and...

Next Post

Abuja Records 191 of 433 New COVID-19 Cases in Nigeria

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

CBN governor respond to APC 100M president form

BREAKING: CBN raises benchmark interest rate to 13% — first time in more than two years

May 24, 2022
BNP Paribas has joined JPMorgan’s blockchain-based network.

BNP Paribas has joined JPMorgan’s blockchain-based network.

May 23, 2022

Popular Story

  • Naira Depreciates at all Markets: Naira Hits N610/$1 at B2B Market

    0 shares
    Share 0 Tweet 0
  • Investment Bank, JP Morgan predicts Foreign Exchange Rates from 2022-2023

    0 shares
    Share 0 Tweet 0
  • Experts predicts the death of Shiba Inu

    0 shares
    Share 0 Tweet 0
  • BNP Paribas has joined JPMorgan’s blockchain-based network.

    0 shares
    Share 0 Tweet 0
  • BREAKING: CBN raises benchmark interest rate to 13% — first time in more than two years

    0 shares
    Share 0 Tweet 0
Rate Captain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.