{"id":144994,"date":"2021-11-18T07:47:57","date_gmt":"2021-11-18T07:47:57","guid":{"rendered":"https:\/\/precoinnews.com\/?p=144994"},"modified":"2021-11-18T07:47:57","modified_gmt":"2021-11-18T07:47:57","slug":"turkish-lira-touches-record-lows-ahead-of-central-bank-meeting-expected-rate-cut","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/turkish-lira-touches-record-lows-ahead-of-central-bank-meeting-expected-rate-cut\/","title":{"rendered":"Turkish lira touches record lows ahead of central bank meeting, expected rate cut"},"content":{"rendered":"<ul>\n<li>The Turkish lira on Thursday continued its slide ahead of the country&#x27;s central bank meeting.<\/li>\n<li>The central bank is expected to cut rates by 100 basis points to 15%, according to a Reuters poll.<\/li>\n<li>The currency fell to a record low of 10.98 against the dollar, but pared some losses to trade at 10.72 on Thursday afternoon in Asia.<\/li>\n<\/ul>\n<p>In this article<\/p>\n<ul>\n<li><span>TRY=<\/span><button class=\"AddToWatchlistButton-watchlistButton\"><span><\/span><\/button><\/li>\n<\/ul>\n<p>The Turkish lira on Thursday continued its slide ahead of the country&#x27;s central bank meeting.<\/p>\n<p>The currency fell to a record low of 10.98 against the dollar, but pared some losses to trade at 10.72 on Thursday afternoon in Asia.<\/p>\n<p>Turkish President Recep Tayyip\u00a0Erdogan on Wednesday sent the lira spiraling when he said he will continue to fight to bring interest rates down. Erdogan previously said interest rates are &quot;the devil&quot; and that lower rates will reduce inflation, in direct contrast to what most economists believe.<\/p>\n<p>The president has also fired multiple central bank policymakers this year, including central bank chief Naci Agbal, who raised the country&#x27;s main interest rate during his time in the position.<\/p>\n<p>While the lira has already plunged 30% this year, MUFG Bank said the currency could fall even further.<\/p>\n<p>&quot;We remain firmly directionally bearish on the Lira given the central bank&#x27;s resolute dovish bias and tolerance for continued currency depreciation,&quot; said Ehsan Khoman, head of MENA research and strategy at MUFG, in an email to CNBC.<\/p>\n<p>The central bank is expected to cut rates by 100 basis points to 15%, according to a Reuters poll. It slashed rates by 200 basis points in its October meeting.<\/p>\n<p>It said that recent inflation was due to &quot;transitory factors,&quot; but acknowledged rising prices leave limited room for further rate cuts.<\/p>\n<p>If the central bank eases policy again, there may be more dollarization, additional weakness in the lira and further inflationary pressures, MUFG&#x27;s Khoman said.<\/p>\n<p>&quot;We view the current policy mix as unsustainable and rates will need to rise in 2022 to anchor expectations, foster price stability and stabilize the Lira,&quot; he said, noting that inflation is running close to 20%, or four times the official target.<\/p>\n<p><em>\u2014 CNBC&#x27;s Natasha Turak contributed to this report.<\/em><\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/11\/18\/currencies-turkish-lira-falls-central-bank-meeting.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Turkish lira on Thursday continued its<\/p>\n","protected":false},"author":3,"featured_media":144993,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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