Turkish lira renews its record low

8 November 2016 16:55 (UTC+04:00)

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By Gunay Hasanova

The rate of the Turkish lira has renewed its historical low against the USD, the Turkish newspaper Hurriyet reported.

The official USD rate is 3.1813 lira as of November 8.

Experts consider that the U.S. presidential elections and the refusal of the deputies of the Democratic Party to participate in the meetings of the Turkish Grand National Assembly (TBMM) have an impact on it.

Prior to this, the lowest rate of the Turkish lira was recorded on November 4 as an influence of the terrorist attack in Diyarbakir province and the detention of deputies of the HDP.

Within a month, the Turkish lira’s exchange rate depreciated by nearly 10 percent.

Foreign currency reserves of Turkey's Central Bank declined by 4.1% on September 23-30 and made $99 billion.

The decrease in foreign exchange reserves amounted to $4.3 bln. The cause of the decline in foreign exchange reserves associated with decline factor of bank and treasury accounts in Central Bank.

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Gunay Hasanova is AzerNews’ staff journalist, follow her on Twitter: @gunhasanova