Turkish lira crisis is expected to continue during new year

The economic researcher Turkey Mahfy Egelmez predicted that the lira crisis will continue during the new year, pointing out that it could drop sharply to around 7.5 vs the US dollars.

2 January, 2019 13:40

NEWS DESK

The economic researcher Turkey Mahfy Egelmez said that the expectations of the International Monetary Fund are more pessimistic because it does not exclude that the Lira to decrease to 10.21 against the dollar, which means worsening the economic crisis in the country as the Sky News reported.

He said, "The Turkish central bank is losing the investors' confidence. This impression would exacerbate the currency losses which have fallen in an unprecedented way over the past year."

In August, the Turkish lira fell to 7 against the dollar, but recovered relatively later, reaching a level of 5.29 liras at the beginning of the new year, 1.5 times higher in early 2018.

The Turkish lira fell dramatically in 2018 due to a diplomatic crisis with Washington because of the arrest of the US priest Andrew Branson, but the release of the cleric did not end the currency crisis.

A.H

ANHA