Turkish Lira: the most depreciated currency since the beginning of October
Turkish Lira has been the most depreciated currency among the major currencies in October.
MSCI Emerging Markets Foreign Exchange Index, showing the average index of currencies in emerging economies, has gained 1.3 percent against the dollar since the beginning of October, while the Turkish Lira has decreased by 5%.
The increase in currencies of emerging economies is mainly based on the partial trade agreement concluded between the United States and China. The threat of sanctions against Turkey led to decrease in Turkish Lira.
Investment banks express negative opinions about Turkish Lira. JP Morgan stated that the Turkish Lira and Russian Rouble are the most vulnerable currency to be exposed to political uncertainties. Goldman Sachs warned economists about geopolitical risks and economic policies, while Rabobank said that Turkish Lira might be on the verge of a new exchange rate crisis.
Source: Euronews (link: https://tr.euronews.com/2019/10/15/turk-lirasi-ekim-ayi-basindan-bu-yana-en-fazla-deger-kaybeden-para-birimi-oldu)
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