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Lira falls 15% to historic low as.pptx
1. Lira falls 15% to historic low as
President Erdogan defends rate cut
2.
3. WHAT IS LIRA?
Lira is the name of several currency units. It is
the current currency of Turkey and also the local name
of the currencies of Lebanon and Syria. It is the former
currency of Italy, Malta, San Marino and Vatican City,
all of which were replaced in 2002 with the euro, and
of Israel, which replaced it with the old shekel in 1980.
The term originates from the value of a troy
pound (Latin libra) of high purity silver.
4. LIRA SIGN
For Turkish lira, the Turkish lira sign (₺) is used. The Lebanese pound (also known as
lira) uses ل
.
ل
. .The Syrian pound (Lira, in Arabic) uses £S.
The primary symbol for the Italian lira was L. but the symbols ₤ (two bars), £ (Unicode
'POUND SIGN', one bar) and prefix "Lit." were common.
The Unicode system allocates U+20A4 ₤ LIRA SIGN to the Lira
5. The Turkish lira’s freefall is shattering all kinds of records as President
Recep Tayyip Erdogan’s intensifying campaign for lower interest rates
plunges the country deeper into crisis and declared that his country was
fighting an “economic war of independence”.
The currency fell 15 per cent on Tuesday, plunging past 13 per dollar for
the first time ever. The lira’s 11-day losing streak is now the longest in
20 years, and in November alone, it’s lost almost a third of its value
They complain monetary policy is becoming increasingly irrational and
unpredictable in a country where the president’s influence runs deep.
While most central banks are talking of tightening policy as the global
recovery fuels inflation, Turkey has slashed 4 percentage points off
borrowing rates since September.
6. The Turkish lira has hit a record low of 12.49 against the US dollar after
President Recep Tayyip Erdogan defended recent sharp rate cuts. The
Turkish currency crashed by eight percent on
The lira has lost 40 percent of its value this year, including a near 20
percent tumble since the beginning of last week. Against the euro, the
currency weakened to a fresh record low of 13.4035.
Lower rates will help spur economic growth and create jobs, Erdogan
said late on Monday in the capital, Ankara.
Turkey’s faces a huge crisis, including high inflation, in case rates
continue to drop in the coming months.
Under pressure from Erdogan, the central bank cut key interest rates
from 19 to 15 percent in September, driving a free-fall in the lira.
Erdogan has replaced three central bank governors in the past two
years, undermining investor confidence.