Turkey: Lira hits a new record low

Shafaq news/ The Turkish lira fell to a record level against the US dollar today, as investors' expectations grew that the Central Bank would adopt monetary tightening steps. 

The Turkish lira recorded 7.3951 lira to the dollar, which is a new record low.

While expectations have grown for an official increase in interest rates in order to curb the losses of the lira, the central bank has so far resorted to informal measures to raise the cost of financing, including steps on the level of liquidity and directing lenders to borrow at a higher rate.

Last week, Turkish President Tayyip Erdogan said on Friday he would convene his economic council this week to discuss developments in the economy after the lira currency plunged to a new record low against the U.S. dollar, but said Turkey was on "solid ground".