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    Home » Turkish Lira Plunges to New Low, Triggers Fourth Central Bank Intervention
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    Turkish Lira Plunges to New Low, Triggers Fourth Central Bank Intervention

    December 13, 20211 Min Read
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    Turkey’s lira plunged below 14 to the dollar for the first time, demanding the central bank’s fourth intervention in the global currency markets in December.

    • The plunge came after S&P Global Ratings reduced the forecast on the country’s sovereign credit rating to negative, signaling risks from the “extreme currency volatility.”
    • The lira depreciated nearly as 6% earlier before reducing losses after the monetary authority sold foreign exchange in the global currency market.
    • The central bank, which is projected to lower interest rates this week, indicated unhealthy price formations in the currency market.
    • The lira traded 2.6% lower at 14.2530 by 1:16 p.m. in Instabul. The yield on the nation’s 10-year government bonds rose nearly 31 basis points to a three-year high before dropping to trade at 28 basis points, 21.69% higher.

    The lira has sunk 48% against the US dollar this year and is the worst-performing currency in the global emerging markets.

    TRY USD down -2.00%

    Source: Bloomberg

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