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01:10
Turkish currency plunges to new low against USD amid high inflation
STORY: Turkish currency plunges to new low against USD amid high inflation
SHOOTING TIME: Feb. 16, 2024
DATELINE: Feb. 17, 2024
LENGTH: 00:01:10
LOCATION: ISTANBUL, Türkiye
CATEGORY: ECONOMY
SHOTLIST:
1. various of Istanbul city in Türkiye
2. Murat Tufan, an analyst with Turkish broadcaster Ekoturk speaking in an interview
3. various of Turkish Minister of Treasury and Finance Mehmet Simsek speaking at the Türkiye-Saudi Arabia Investment and Business Forum in Istanbul, Türkiye
4. various of Turkish Central Bank
5. various of Fatih Karahan, Turkish Central Bank chief
STORYLINE:
The Turkish currency plunged to a new low on Friday against the U.S. dollar, losing 0.3 percent of its value in 24 hours while the country has been trying to curb high inflation.
The lira stood at 30.83 against the dollar at 4:00 p.m. local time (1300 GMT) after hitting 30.87.
Murat Tufan, an analyst with Turkish broadcaster Ekoturk, told Xinhua that for the lira to appreciate, inflation needs to be seriously curbed in Türkiye.
Türkiye has long been struggling against a persistently high inflation rate, which rose to 64.86 percent in January.
Treasury and Finance Minister Mehmet Simsek said on Friday that the inflation would significantly fall in the second half of the year.
"We will not do anything out of the ordinary in reducing inflation, conventional monetary policies will be applied and tightening monetary policies will work," he said at the Türkiye-Saudi Arabia Investment and Business Forum held in Istanbul.
Last week, Fatih Karahan, the central bank's new chief, announced the year-end inflation forecast as 36 percent in 2024, 14 percent in 2025, and 9 percent in 2026.
After consecutive interest hikes to cope with the increasing inflation, the central bank is expected to keep its policy rate constant at 45 percent next week.
However, Tufan believes that it would be premature to keep interest rates on hold until inflation is well under control.
Xinhua News Agency correspondents reporting from Istanbul, Türkiye.
(XHTV)
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