Turkish currency continues to show record decline

Turkish currency continues to show record decline
12:11 10-08-2018 | icon 133

Baku, Azerbaijan, Aug. 10

By Azad Hasanli - Trend:

The rate of Turkish lira against US dollar continued its decline on August 10, having fallen in price by more than 10 percent per day.

At 10:16 Baku time, USD/TRY rate was 6,2826, and EUR/TRY - 7,2254. At 11:00, lira slightly strengthened, amounting to 5.8346 liras per 1 US dollar and 6.6963 liras per euro.

Lira loses its value against Azerbaijani manat as well. The rate of manat to lira on August 10 was 0.2965, having strengthened for a day by almost 7 percent.

Since the beginning of the year, the Turkish lira has fallen in price against the US dollar by approximately 35 percent and against euro by almost 30 percent.

Turkish lira continues to lose its value both on the domestic market and abroad. Today, all attentions will be focused on both the expected statement of the Central Bank of Turkey and the new economic model which is planned to be announced by the Minister of Finance of Turkey, Berat Albayrak later on August 10.

Follow the author on Twitter: @AzadHasanli

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