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 about 37 percent against the dollar over the past year as policymakers try to combat still-high inflation 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 evils.”
In Iran, the country’s troubled currency has fallen to a record low against the US dollar, amid the country’s growing isolation and sanctions from the European Union and the United States.
The dollar was trading at 53,500.60 rials on the unofficial Iranian market on Wednesday, according to the exchange rate website Bonbast.com.