Turkey's national currency weakened as far as 16.6 to one US dollar on Monday, a record level since last December, according to the Dunya newspaper.
Last week, the lira closed at 16.44 per $1, the newspaper recalled.
According to analysts, the Turkish lira has depreciated by more than 20% since the beginning of the year and this trend will continue unless local authorities revise their policies regarding interest rates. The Central Bank of Turkey has kept the rate at weekly repo auctions at 14% since the end of last year, and according to Turkish Finance Minister Nureddin Nebati, there are no plans to change it.
The minister, whose statement was cited by the Milliyet newspaper on Monday, also said that the inflation rate in Turkey is expected to be 48-49% by the end of this year. In May, inflation in Turkey, according to official data, amounted to 73.5%, according to unofficial data, exceeded 160%.
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Based on materials from TASS