Thursday , March 28 2024
Kwork.ru - услуги фрилансеров от 500 руб.
Home / WORLD / Turkish stock market halts trading as lira crashes

Turkish stock market halts trading as lira crashes

“As of 16.24 (Istanbul time) transactions have been temporarily halted on the market of all shares of our stock exchange,” the exchange said in a statement.

Kwork.ru - услуги фрилансеров от 500 руб.

The country’s currency has collapsed amid pressure from President Recep Tayyip Erdogan on the central bank to lower borrowing costs to boost the growth of Turkey’s struggling economy.

On Thursday, the Turkish central bank announced it was cutting the key interest rate from 15% to 14%, despite inflation running at 21%.

The state monetary policy, along with significant lira depreciation, will further weigh on inflation – it is expected to skyrocket to 30% year-on-year in early 2022, according to S&P Global Ratings, which has downgraded its outlook on the nation’s sovereign credit rating to negative.

Since September, central bank has cut the key interest rate by 400 basis points. Over the past two years, the regulator has intervened three times to keep the lira afloat by selling dollars.

For more stories on economy & finance visit RT’s business section

© 2021, paradox. All rights reserved.

Check Also

Putin calls for ‘humanism and mercy’ after Moscow terror attack

Creativity, humanism and mercy are of special importance in the aftermath of the Crocus City …

Leave a Reply

Your email address will not be published. Required fields are marked *