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Stock markets in Turkey today suspended trading from the depreciation of the national currency to less than 17 lira per US dollar on Friday. Since the beginning of 2021 the lira has lost more than half its value against the US dollar.
“At 16.24 (Istanbul time) transactions are temporarily suspended in the markets of all stock exchanges,” said in a stock exchange statement, reports Russiatoday network.
The country’s currency has not been able to resist international pressure and moves by President Recep Tayyip Erdogan to reduce borrowing costs and boost the country’s economy.
Yesterday the Turkish central bank said it was reducing interest rates from 15% to 14%, although inflation continued at 21%.
Since September, the Turkish central bank has reduced borrowing costs and in the last two years has intervened several times to maintain the stability of the lira by selling dollars.
The current situation is expected to have more consequences sending inflation to 30% in 2022, according to Western financial agencies that have lowered ratings for Turkey.
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