InternationalMoney and Business

Turkish Lira records its biggest decline against dollar

The Address | Benghazi – Libya

ANKARA – The Turkish Lira’s exchange rate against the dollar has fallen to a record level due to concerns about possible US sanctions due to the fighter jet deal with Russia, the conflict in the Caucasus region and the turmoil in relations between Ankara and the European Union.

The lira recorded 7.9 against the dollar, its lowest level ever.

The Turkish currency has lost 25 percent of its value this year, for reasons such as concerns about the decline in the central bank’s foreign exchange reserves and costly interventions in the currency market, as well as geopolitical concerns.

Ankara supports Azerbaijan in its conflict against Armenian forces in the Nagorno Karabakh region.

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