The Turkish pound fell to a record low today amid concerns over the credibility of monetary policy and the strengthening dollar.
The exchange rate of the Turkish currency was formed at 8,93 pounds per dollar at 13:13 (Greek time), covering part of its losses from the historically low level of 8,9750 dollars that had fallen earlier, but with losses of 0,5% from yesterday's level of $ 8,8800. Since the beginning of the year, the pound has fallen 16% against the US currency.
Bankers said the pound's weakness was due in part to a Reuters telegram, citing sources saying that Turkish President Recep Tayyip Erdogan was losing confidence in the central bank governor over monetary policy.
The dollar, meanwhile, strengthened as US bond yields rose.
Tayyip Erdogan's communications director Faretin Altun wrote on Twitter that the Reuters telegram was false, without mentioning anything else, leading in part to the pound's recovery, according to stockbrokers.
in.gr