New records from USD and Euro in Turkey
As the June 24 elections in Turkey draw near, the rise in the Euro and US Dollar can’t be stopped.
This Wednesday, the USD/TL rate has risen above 4.49 in a new record. The USD/TL had tested the historic high on Tuesday with 4.4752.
Meanwhile Euro peaked with a rise to 5.30. Almost all developing country market currencies lost some value against the dollar on Tuesday.
THE BIGGEST LOSS IN VALUE: TL
According to Bloomberg HT, Turkish President Recep Tayyip Erdoğan’s comments on monetary policy as well as global influences had an effect in the rise of the USD against the Lira.
On Wednesday, the Turkish Lira became the currency that lost the biggest value among developing country currencies.
Moody’s announced on Tuesday that the macro trends in Turkey effect the country’s credit score negatively.
With that, the banking system also looks negative due to downward risks regarding funding and asset quality.