The Scotsman

Turkish lira plunges to a record low

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Turkey’ s currency has fallen to a record low against the US dollar amid concerns about an outflow of investor capital and the country’s ability to manage the situation.

The lira weakened to just over 4.80 per US dollar yesterday, down about 5 per cent on the previous day.

The drop puts pressure on the Turkish Central Bank to sharply increase rates before a scheduled monetary policy meeting on 7 June.

However, president Recep Tayyip Erdogan wants to keep rates low.

The lira has lost more than 20 per cent of its value against the dollar since the start of the year..

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