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Turkish lira hits lowest in five months against US dollar

Turkish lira hits lowest in five months against US dollar

Arab Finance: The Turkish lira has hit its lowest level against the US dollar in five months, Bloomberg reported on May 24th.

The lira fell to 16.0477 per dollar on Tuesday, May 23rd, as monetary policy is still weak to contain inflation.

Turkey’s annual consumer price index rose to almost 70% in April.

It is worth noting that the current account deficit is weighing on the Turkish lira, affecting the country’s foreign currency reserve.

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