| Submit your comments on this article | |
| The Grand Turk | |
| Turkey's Embattled Lira Falls to New Low against Dollar | |
| 2015-08-18 | |
...the only place on the face of the earth that misses the Ottoman Empire.... 's embattled lira hit a new historic low in value against the dollar Monday as investors took fright at ongoing political uncertainty and the prospect of early elections. The lira slid to a new low of 2.862 to the dollar, losing 1.06 percent on the day. The Turkish currency has now declined 7.62 percent against the dollar over the last month, and 22.62 percent since the start of the year. The current pressure was prompted by the collapse of coalition talks between the ruling Justice and Development Party (AKP) and main opposition Republican People's Party (CHP), paving the way for early elections. The government is also waging an unprecedented two-pronged "anti-terror" operation against jihadists in Syria and Kurdish murderous Moslems in southeast Turkey and northern Iraq, further rattling investors. But Turkish Economy Minister Nihat Zeybekci said on Monday that there was no need for panic or any major intervention to buttress the lira. "For the moment we don't see such an eventuality as necessary. An equilibrium will be found on the markets," he said. | |
| Posted by:trailing wife |
| #2 but Turkish products, e.g., ships, figs and TV sets, are easier to sell overseas It will make for cheaper holidays for Israeli vacationers, too, and those substituting Turkey for cash-only Greece. |
| Posted by: trailing wife 2015-08-18 10:32 |
| #1 way back in 2006, the rate was 1.3 Turk-lira per dollar it makes cigarettes and liquor and such more expensive but Turkish products, e.g., ships, figs and TV sets, are easier to sell overseas |
| Posted by: lord garth 2015-08-18 07:23 |