Turkish lira continues to collapse on the impact of US Congress resolutions

The Turkish lira lost about 0.2% of its value against the dollar as it was quickly influenced by the US House of Representatives' overwhelming approval of new sanctions against Turkey for its attacks on northern and eastern Syria.

Turkish lira continues to collapse on the impact of US Congress resolutions
30 October, 2019   05:50
NEWS DESK

According to Bloomberg News, the lira collapsed against the dollar by 0.2% to 5.75 pounds per dollar, while it ended the day's trading down by 0.1%.

According to Deutsche Presse-Agentur, 403 members of the council voted in favor of a bill to impose sanctions on Turkey against only 16, and the bill was passed under an urgent measure requiring a two-thirds majority.

The Turkish lira continued to decline following Turkish attacks on northern and eastern Syria, becoming the worst performer among the world's major currencies in October.

The Turkish lira lost about 30 percent of its value against the dollar in a currency crisis last year, triggered by fears over political interference in monetary policy as well as deteriorating relations between Washington and Ankara.

(T/S)

ANHA