Turkish lira falls to record low

YEREVAN, MAY 28, ARMENPRESS. The Turkish currency has hit a new record low, weighed down by concern that monetary policy remains too loose to curb accelerating inflation, Bloomberg reports.

“The lira slid as much as 1.1% to 8.5981 per dollar, poised for a third daily decline this week”, Bloomberg reports.

“The nation’s central bankkeptits benchmark interest rate unchanged at 19% for a second meeting this month, saying the pace of price gains had peaked. Yet the currency has weakened more than 13% over the past three months, by far the most among emerging markets, a depreciation that threatens to feed through into higher prices.”