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The Turkish currency hit an all-time low this October, depreciating 7.5% against the US dollar.
Bloomberg analysts described the Turkish lira as “the worst currency in the world”, as it hit all-time lows this October and depreciated by 7.5% against the US dollar, which means a 29% drop. in so far this year. In particular, on 21 October the lira was quoted at 7.81 to one dollar. This November 3, his course was positioned at 8.42.
The ongoing decline in the Turkish currency has been caused by a number of causes, such as the economic crisis caused by the coronavirus, rising unemployment and political tensions between Turkey and the US.
The Turkish Central Bank, which is making adjustments to contain currency losses rather than absolute increases in the benchmark rate, last week raised its inflation projections for the end of this year by more than three percentage points to 12.1% , indicates Bloomberg.
The next central bank rate-setting meeting is scheduled for November 19.
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