Turkiye lira headed towards longest run of losses since 1999

The lira is headed for its longest run of weekly losses this century as Turkiye’s new economic team curbs its intervention in the currency market, Bloomberg reports.

According to the report, the Turkish currency depreciated by another 1 per cent this week, after last week’s 11 per cent slide. It has now been falling since early March, in the longest streak of losses since 1999.

The declines have quickened following President Recep Tayyip Erdogan’s re-election on 28 May, the report added.

Last week, Turkiye’s Central Bank kept the policy rate on hold at 8.5 per cent, with the committee acknowledging the recession fears in developed economies and high inflation.

READ: Turkiye lira drops 7%, signalling move towards free market