Turkish lira near record low on graft probe

December 24, 2013 - 9:06:03 am
ISTANBUL: Turkey’s lira hovered near a record low yesterday, hammered by domestic political tensions and the US Federal Reserve’s decision to start trimming its monetary stimulus programme.

The market also awaited the central bank’s announcement of its 2014 monetary and exchange rate policy report due today, in which it will provide guidance after the Fed decision.

Already under pressure this year by expectations that the Fed would begin to stem a flood of dollars that has boosted global emerging markets, the lira was further beaten down by a police investigation in which dozens of senior businessmen and people with links to the government were detained last week.

comments powered by Disqus