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Turkish Lira

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Turkish inflation rockets to almost 70%, shattering rate pause hopes

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As lira hits an all-time low against the euro in late December, shoppers from Turkey and Greece arrive in Turkey in droves to capitalise on it.

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Turkish President Recep Tayyip Erdogan on Monday announced a series of measures to encourage lira-denominated savings, easing the pressure on the beleaguered Turkish currency.

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Turkey's net monthly minimum wage of 2,825 lira amounted to €337 in January 2021. Last Wednesday it was the equivalent of €197.

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The Turkish currency has in turn lost 40% of its value since the start of the year. More than 20% was lost during the last month alone.

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The Turkish lira has dropped 40 per cent in value since the start of the year, shedding as much as 15 per cent on Tuesday alone.

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Turkey's lira slid on Monday to near record lows as relations with the US cooled and the new central bank chief warned against the prospect of raising rates.

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The Turkish government has announced an action plan as the country's currency continues to slide, and an escalating row with the US threatens a full-blown economic crisis.

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Turkish Lira plummets leaving the Euro struggling

The Euro sank to its lowest levels in over a year on Friday, with investors dumping their eurozone shares following Turkey's spiralling Lira currency and overheating inflation.

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