Turkish Lira continues to crash against the dollars

The Turkish Lira fell more than 1.5 percent in another record low against the dollar on Saturday amid unrelenting concerns over rising inflation.

Inflation rose to almost 11 percent in April fuelled by the lira’s fall against the dollar. 

Markets are also continuing their sell-off with stocks on track for a third straight week of losses and currencies suffering as the lira ends its worst week in nearly ten years, hitting a new record low.

Standard & Poor made the problem worse by cutting Turkey’s sovereign debt rating further into junk territory on May 1.

Meanwhile Turkey’s most urgent economic problem is the rapid rise in prices ahead of the forthcoming elections on 24 June.

Edited from Hurriyet