BUSINESS Turkish lira hits record low against USD

BUSINESS

Turkish lira hits record low against USD

Xinhua

15:16, August 10, 2018

ANKARA, Aug. 10 (Xinhua) -- The Turkish lira on early Friday hit an all-time low of 6.30 against the US dollar, a day after a deadlock in bilateral talks in Washington which aimed to resolve political crisis between Turkey and the United States.

The Turkish lira has fallen more than 10 percent since last week after the US slapped sanctions against two Turkish ministers whom Washington accused of playing role in detention of American Pastor Andrew Brunson.

Talks between Turkish and US delegations failed on Tuesday, triggering the lira rapid weakening to new record low against the US dollar.

Turkish President Recep Tayyip Erdogan on Thursday has dismissed concerns over the tumbling lira and called on his nation to "have no worries."

Turkish Treasury and Finance Ministry is set to announce a "new economic model" on Friday, aiming at stabilize the economic growth.

Cover image: VCG

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