The Turkish Lira weakened on Monday strongly to the Euro and the US Dollar. To the Euro, the Lira lost more than one percent, a Euro was 6,6570 Lira value. To the American Greenback, the Turkish currency lost, however, 0.9 percent, a Dollar was worth so 6,1588 Lira. So little is the value of the Lira against the Dollar was last updated last may.
Coronavirus weakens stock exchange
As well as all the stock markets, the Lira suffered under the spread of the Coronavirus (COVID-19) outside of China. In Italy, it came over the weekend to a massive jump of the COVID-19-cases from a handful to more than 200 Infected. So far, five persons of the lung disease succumbed to there. Now, the fear is great that there is a larger spread outside the origin of the fire in China. US Dollar / Turkish Lira (USD/TRY) 6,1195 TRY +0,0064 (+0,10%) OTC
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“The global flight from risk in the Lira do not stop”, a currency trader told the Reuters news Agency. The Trader would therefore change from volatile currencies such as the Lira back into “safe havens” like the U.S. Dollar.
on The topic of: Coronavirus outbreak in the News Ticker – Italian aircraft after landing blocked travel “by the minute” cancelled
tensions in Syria weigh on in addition
in addition to Italy, the cases have increased in Turkey’s neighboring country Iran, which is why Turkey blocked the border there and also flights line. In addition, the citizens blamed the war in Syria on the exchange rate of the Lira, as reported by Reuters on. In the neighboring country of thousands of soldiers from Turkey are stationed. With Stock Selection in Europe, you will achieve excess Returns with System! (Partner offer) Now 30 days free of charge test!
one Particularly controversial aspect is the situation in the embattled province of Idlib is currently. Turkey supports the rebels, while Russia is helping the Regime of Syrian President Bashar al-Assad. The Turkish President Recep Tayyip Erdogan has announced about talks to find a solution for the beginning of March, according to Reuters.
Erdogan’s course brings Lira in distress
Economists have already warned in the past few weeks, before a further decline in the Lira. First, investors have bet up to $ 500 million in the crash of the Turkish currency.
is doing at least part of the problems, according to many experts, house. The Turkish Central Bank lowers for months, the key interest rates – on the request of the President. Recep Tayyip Erdogan is hoping that a low interest rate to stimulate the economy and stable Inflation.
finally, he reached with his course, however, is the opposite. The Inflation is in the double digit area that turned real interest rates Negative and now slips the currency. To Commerzbank financial expert Tatha Ghose: “The Mix of lower interest rates and rising inflation, is likely to fuel the devaluation of the lire in the quarters ahead.”
also read:
- Why the stock markets get ahead of the Virus panic – and how investors can protect themselves
- Virus Fears come as a shock to investors – Lufthansa shares crash on the Dax at the end – so deep to the course
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