Turkey’s Lira Weakens More than 6 Percent on Threat of More U.S. Sanctions
August 17th, 2018Via: Reuters:
Turkey’s battered lira weakened more than 6 percent against the dollar on Friday, after a U.S. warning that Ankara should expect more economic sanctions unless it hands over the detained American evangelical pastor Andrew Brunson.
It has lost nearly 40 percent of its value against the dollar this year, hit by both the diplomatic rift and investor alarm about President Tayyip Erdogan’s influence over monetary policy. Erdogan, a self-described “enemy of interest rates”, wants to lower borrowing costs despite high inflation.
