Turkish lira edges closer to 18 against dollar

Turkey’s authorities are striving to curb a creeping dollarisation and to stop the lira from falling further as it edges lower.

Image Credit: ccarlstead/Flickr

Turkey’s lira weakened further on Wednesday to near 18.0 against the dollar and the record lows it hit late last year as worries about the government’s foreign exchange policy grew in the face of rampant inflation.

The lira was 0.3% weaker at 17.9150 against the U.S. currency at 1113 GMT. It was trading at its weakest levels since a full-blown currency crisis in December, when it hit an all-time low of 18.4.