The Turkish lira has plummeted as the US Fed appears to be on the rise | Business and Economic Affairs

The lira dropped to 4.7 percent to 13.4541 dollars at 8:08 pm in Istanbul (17:08 GMT).

The Turkish lira has fallen sharply, weighed down by the prospect of a stronger US Federal Reserve.

The lira dropped to 4.7% to 13.4541 per dollar at 8:08 pm in Istanbul, after Fed President Jerome Powell said it was more appropriate to consider purchasing central bank assets a few months earlier than expected.

This adds to the concerns of President Recep Tayyip Erdogan’s demands to reduce lending, a move that has disrupted spending and raised inflation. Although many central banks are talking about tightening rules, Turkey has cut 4 percent on loan rates since September.

The Turkish lira has weakened more than 27% since the central bank began to cut prices, with a sharp drop in the coming markets. Consumer prices rose 19.9% ​​year-on-year in October, almost four times the government’s total demand.