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Title : Turkey's Currency The Lira Continues To Crash
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Turkey's Currency The Lira Continues To Crash

Over the last month, the lira has lost over 18 percent in value against the dollar as fears grow over the health of the Turkish economy (AFP Photo/OZAN KOSE)

AFP: Turkey central bank silent as lira 'freefall' intensifies

Istanbul (AFP) - Turkey's embattled lira on Wednesday lost over three percent in value to hit new historic lows against the US dollar, but there was no word from the central bank of any emergency action to buttress the currency.

Following sharp losses on Tuesday, the lira continued to underperform all other emerging market currencies, after suffering a hammering in Asian trade overnight when Japanese investors sold Turkish assets.

It lost 3.3 percent against the dollar to trade at 4.82, only slightly paring losses after earlier for the first time ever testing the 5.0 ceiling by hitting 4.92 lira to the dollar.

Over the last month alone, the lira has lost over 18 percent in value against the dollar as fears grow over the health of the Turkish economy which is dogged by double-digit inflation despite high growth.

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WNU editor: Turks go to the polls next month .... Erdogan to launch election campaign from eastern Turkey (Anadolu Agency). With the economy getting worse many are predicting that President Erdogan will be launching another military campaign to divert attention. If I was a betting man .... I would put money that this is exactly what he will be doing.

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