Turkish lira tumbles 4% in thin trade towards record lows


A Turkish lira banknote is placed on US dollars in this illustration taken on November 28, 2021. REUTERS / Dado Ruvic / Illustration

ISTANBUL, Nov 29 (Reuters) – The Turkish lira slipped more than 4% against the dollar in thin and volatile trading on Monday, approaching the record lows hit last week when President Tayyip Erdogan reaffirmed his policy of low tariffs despite widespread criticism.

The lira weakened to 12.85 before 0613 GMT, ending 12.25 on Friday. Liquidity was low with wide supply-demand spreads, just as the trade was last week.

Last Tuesday the currency hit a record low of 13.45 after Erdogan defended the central bank’s move to reduce its policy rate to 15%, despite inflation of 20%. Read more

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Reported by Daren Butler; Edited by Jonathan Spicer

Our Standards: The Trust Principles of Thomson Reuters.

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