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Turkish Lira Gains 5%, Breaks Longest Losing Streak in 20 Years -Breaking

by Mike Robinson

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© Bloomberg. On Friday, October 15, 2021, a customer converted U.S. Dollars at the Grand Bazaar, Istanbul, Turkey. Turkish President Recep Takyip Erdogan fired the heads of monetary policymakers who were wary about cutting interest rates, pushing the lira against the dollar to new records with his midnight decree. Photographer: Moe Zoyari/Bloomberg

(Bloomberg.) — Wednesday’s rebound in the Turkish lira was more than 5%. This broke its longest losing streak of more than twenty-five years. 

As of 2.49 pm in Istanbul, the dollar had risen to 12.0459. The lira had been battered as President Recep Tayyip Erdogan’s push for lower interest rates, intended to turbo-boost growth and create jobs, instead resulted in concern over price shocks and generated the wildest lira swings in three years. 

©2021 Bloomberg L.P.

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