The Turkish lira has depreciated, reaching its lowest level since May, after the government’s latest tough measures to curb market fluctuations deepened concerns over Ankara’s deteriorating relations with Washington.
Although the authorities have taken several unusual steps to stabilize the lira, it has depreciated by 11 percent in 2019. On the other hand, the lira’s persistent weakness could help Turkey limit imports and achieve the ambitious forecast of 5 percent GDP growth in 2020. “Government bodies need a competitive lira,” an unnamed representative of the economy ministry told Reuters.
On Thursday, the lira fell against the dollar, reaching 5.9425.
