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Turkish lira hits all time low

2 mins read

The FINANCIAL — Turkish lira dropped to record low against dollar as state bank interventions could not reassure investors. The last lowest point was hit in May. Meanwhile, heavy interventions late last week drained the supply of local currency, government-owned lenders flooded the market with foreign exchange, selling at least $2.5 billion. The central bank’s gross currency reserves have dropped by more than a third this year to $49.2 billion as of July 17. The lira tumbled to a record low against the dollar, buckling after Turkey’s central bank spent billions of dollars in a months-long offensive to prop its currency up.  The currency dropped 3.2 per cent…

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Turkish lira hits all time low

2 mins read

The FINANCIAL — Turkish lira dropped to record low against dollar as state bank interventions could not reassure investors. The last lowest point was hit in May. Meanwhile, heavy interventions late last week drained the supply of local currency, government-owned lenders flooded the market with foreign exchange, selling at least $2.5 billion. The central bank’s gross currency reserves have dropped by more than…

Gold price hit record high since 2011

2 mins read

Gold hit its highest price for the first time in 9 years. After a 18% surge in 2019, gold prices have moved sharply higher this year. The positive trend in the gold spot prices is chiefly due to the escalation in the geopolitical tensions and uncertainty over the second stimulus package. Gold’s also getting support from a…