Turkish lira plummets to new lowDecember 13, 2021 - 17:31 AMT PanARMENIAN.Net - Turkey's lira crashed as much as 7% to a record near 15 to the dollar on Monday, December 13, gripped by worries over President Recep Tayyip Erdogan's risky new economic policy and prospects of another rate cut, prompting the central bank to intervene again, Reuters reports. The central bank announced its fourth market intervention in two weeks, selling dollars and triggering a lira rebound after it had slid to 14.99. At its low water mark, the currency was worth just half of its value at the beginning of the year. Last week, the bank moved to keep the lira below 14, given that depreciation fuels inflation in the big emerging market economy which depends heavily on imports. read more In response to the market turmoil - which has upended Turks' economic lives - Erdogan was set to hold talks with Central Bank Governor Sahap Kavcioglu, Finance Minister Nureddin Nebati and the heads of state banks in Istanbul from around 1200 GMT, sources told Reuters. "Last week's apparent relative stability of lira was artificial and non-sustainable. Now we see the build-up pressure unfolding, driving lira weakness to the next level," Commerzbank analysts said in a note. "Any further attempts ... to stabilize lira by interventions is probably bound to fail," they said. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Russia provides info about arrested Armenian ex-MP Russian law enforcement agencies have provided information about the arrest of Tigran Urikhanyan. Lemkin Institue slams Pashinyan's “cryptic engagement with Genocide denial” The Lemkin Institute is alarmed over Pashinyan’s statements “questioning Armenia's legal basis to pursue justice against Turkey”. 41 detained as antigovernment protests continue in Yerevan 41 people were detained in Yerevan as people demanding Pashinian’s resignation stage campaigns of civil disobedience. Armenia votes for UN resolution granting Palestine new rights The U.N. General Assembly voted by a wide margin on May 10 to grant new “rights and privileges” to Palestine. |