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Turkish Lira crumbles near record low with change of guard at central bank

Mar 22, 2021 12:14 IST | By Editorji News Desk

Currency in Turkey tumbles towards a record low as the country's President replaced the central bank governor. The Turkish lira plunged as much as 15% against the dollar. 

Forex traders said there was uncontrollable selling on the Lira as soon as the markets opened for trade. Traders are expecting a big intervention from the govt led banks to support the Lira in the short term. 

As per a Goldman Sachs report Turkish banks spent more than $100 billion of the nation’s foreign reserves to support the currency.