2024-01-17T17:27:39+00:00
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/ The Turkish lira fell to a new historical level against the US dollar, today, Wednesday, reaching levels of 3,012.76 liras against the dollar.
The battered lira has fallen nearly 37 percent against the dollar over the past year, as monetary policymakers try to fight inflation that remains at high levels by steadily raising interest rates.
This approach to conventional monetary policy comes after several years of unconventional policy during which Ankara refused to raise interest rates despite rising inflation, while Turkish President Recep Tayyip Erdogan used to describe raising interest rates as “the mother of all evil.”
In Iran, the country’s volatile currency fell to a record low against the US dollar, amid the country’s increasing isolation and sanctions from the European Union and the United States.
The dollar was trading at up to 53,500.60 riyals in the unofficial Iranian market on Wednesday, according to exchange rates website Bonbast.com.