The Turkish lira fell to a new all-time low against the dollar as the American currency traded for 31 lira at 12:30 p.m. today on the Forex exchange.
The annual inflation rate in Turkey accelerated to 64.86 percent in January from 64.77 percent in December, the Turkish Statistical Institute – Turkstat announced at the beginning of the month.
Inflation in Turkey is the highest in the last 14 months.
The governor of the Central Bank of Turkey (TCMB), Hafize Gaye Erkan, unexpectedly resigned at the beginning of February for personal reasons, and Fatih Karahan was appointed as her successor, who said that he would continue with a firm monetary policy.
At the end of January, TCMB raised the reference interest rate from 42.5 to 45 percent.
