The lira lost about 46% of its value in 2021
Bakı/06.12.21/Turan: Turkey's lira weakened past 13.7 against the USD, not far from a record low of 13.9 hit last Friday, amid growing concerns over the central bank's monetary policy direction.
According to the message tradingeconomics.com, policymakers are seen cutting interest rates again this month as President Tayyip Erdogan has been calling for lower borrowing costs to support growth, despite soaring inflation.
Data last week showed Turkey's consumer price inflation rate rose more than expected to 21.31% in November, well above the central bank's mid-point target of 5%, while producer prices rose the most in 19 years.
The lira has lost some 46% of its value against the greenback so far this year following Erdogan’s aggressive rate-cutting policy and concerns over the central bank's depleted reserves, which already prompted rating agency Fitch to revise Turkey's outlook to negative.-0-