Inflation, string of terror attacks in Turkey to be blamed

IFM Correspondent

January 4, 2017: Lira, Turkey’s embattled currency, on Tuesday crashed to a historic low against the US dollar due to higher than expected inflation figures and security worries after the attack on a nightclub in Istanbul on New Year eve.

The lira was trading at 3.59 to the greenback, a loss in value of 1.38% on the day. Earlier, it broke the 3.6 ceiling, the first time in history it has been this weak against the dollar.

The Daesh extremist group claimed responsibility for the attack in which 39 lives were lost. It was the latest in a string of attacks in Turkey in recent months that have battered the crucial tourism sector and harmed investment.

The lira has now lost 24 percent in value over the last six months against the dollar.

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