Turkish Lira in Fall Loses All Yearly Profit | Financial



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In February, 6 lire had to be paid for one euro. That amounted to 6.85 lire. On Tuesday afternoon, the lira recorded another loss of 1% against the euro.

The Turkish currency fell on Monday after it was announced that the March 31 local elections should be repeated in Istanbul.

That decision immediately led to price increases in the markets, while black trade is growing.

Inflation in Turkey is now 19.7%, against 1.4% in the euro area and 2.8% in the Netherlands.

Sanctions are imminent

Earlier, Turkey's central bank had to intervene to support the currency.

The currency is also under pressure against the US dollar because of Washington's pressure not to buy a Russian S400 missile defense system.

This would pose a threat to the F-35 fighter. Washington threatens Ankara with sanctions.

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