Turkey: the collapse of the lira after the expulsion of ambassadors – Ultima Ora

(ANSA) – ISTANBUL, Oct. 25 – The Turkish lira touched another negative record following President Recep Tayyip Erdogan’s decision to expel 10 Western ambassadors in Turkey, including those of the United States, Germany and France. The value of the Turkish national currency fell by more than 2% in one day, breaking through the barrier of 1 dollar against 9.80 Turkish liras and 1 euro against 11.40 liras. Erdogan has declared the ambassadors of Canada, France, Finland, Denmark, Germany, the Netherlands, New Zealand, Norway, Sweden and the United States “persona non grata” for their demand for the release of a political opponent.

The latest negative records reached were recorded with the opening of the markets in Turkish lira, while, according to sources quoted by Reuters, a 16% rate cut on Turkish state bank loans is expected in line with the choice of the central bank. The bank cut its benchmark rates by 200 basis points. Among the banks involved, there will also be Halk Bank, which is involved in an investigation in the United States accused of helping create a scheme to evade US sanctions against Iran.


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