Turkish lira continues to slide down

QAMISHLI, Syria (North Press) – The Turkish currency slashed to a historic unprecedented fall against the USD.

On Monday, the Open Exchange Rate recorded one USD for 17 Turkish lira.

USD/TRY soars to fresh record high, approaches 17.00 mark, Investing website said.

The fall was by more than 7% before it reduces a slight part of its loses.

In the Open Exchange Rate, the Turkish lira depreciated to 17 lira against one USD, according to Investing website.

Over the last two weeks, the Turkish Central Bank interfered five times in the exchange market and sold up to 4 billion of its Foreign Exchange Reserves with the aim to reform the exchange rates in the markets.  

Experts attribute reason of the Turkish currency tumble to the untraditional policy adopted by Erdogan to keep interest rates low in order to boost the Turkish economy.

According to experts, Erdogan also follows the policy of increasing the domestic production by granting loans with low interest rates to traders and industrials to encourage them raise the level of their work, which will allow improve employment, wages and increase the rate of export of Turkish goods and entry of foreign currency to the country.