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About: http://data.cimple.eu/news-article/5c7a1fd5db5c3668440abdbe3e422534b8088d854badd0500e15d897 Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	Turkey's lira on Thursday set a new record low against the US dollar as investors worried about the government's economic policies and dollar reserves appeared to be running low. The lira was trading at 7.28 against the greenback around 1030 GMT, suffering a loss of more than 3 percent since the start of the day -- the lowest since May when it reached a then-record low of 7.24. The currency also recorded its lowest level against the euro, trading near 8.60 against the European currency at 1030 GMT. The new fall comes as markets worry about a meltdown in the foreign currency reserves at Turkey's central bank, which appears to have spent lavishly in recent months to prop up the national currency. State banks were also pushed to sell dollars to help the weakening lira. An economic slowdown due to the novel coronavirus pandemic hit Turkey hard just as it was trying to recover from its first recession in a decade. Turkey's central bank -- which is nominally independent but often the target of government pressure -- has lowered interest rates to 8.25 percent from 24 percent since July last year, to the dismay of many foreign investors. President Recep Tayyip Erdogan has repeatedly called for lower interest rates to promote growth at the expense of reining in inflation. He once called high rates the "mother and father of all evil." July's annual inflation rate was 11.76 percent, down from 12.62 percent in June, according to official data, but still well above the government's own year-end inflation target of 8.5 percent. The Turkish economy was struck by a currency crisis in 2018 over escalating tensions with its NATO ally the United States, which propelled emergency rate hikes by the central bank. fo/jh
schema:headline	Turkish lira hits record low as forex reserves dwindle
schema:mentions	Foreign-exchange reserves Turkish lira Recession Inflation Currency Recep Tayyip Erdoğan United States dollar President of Russia Turkey NATO Pandemic United States Coronavirus Economy of Turkey Reining Currency crisis United States Note Greenwich Mean Time »more»
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-08-06 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	63 (xsd:integer)
http://data.cimple...tology#hasEmotion	fear

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