The Turkish currency collapses again against the dollar

Selava Omar – – “Agencies”

Today, Thursday, the Turkish lira hit a record low against the dollar, as sentiment was hit by concerns about possible US sanctions, the conflict in the Caucasus region and turmoil in relations with the European Union.

The Turkish lira recorded 7.89 against the dollar, to test its weakest level, on Wednesday, when it closed at 7.8815 pounds against the dollar.

The Turkish currency has lost 25 percent of its value this year, mainly due to concerns about the dissipation of the central bank’s foreign exchange reserves and costly interventions in the currency market.

But geopolitical concerns are now a major factor.

In addition, a Republican and a Democrat in the US Senate called on President Donald Trump’s administration, on Wednesday, to impose sanctions on Turkey for its purchase of the Russian S-400 anti-aircraft defense system, after a report stated that Turkey may intend to conduct a comprehensive test.

Meanwhile, Ankara’s support for Azerbaijan in its conflict with Armenia in the Artsakh / Karabakh region has stirred tensions, and France, the United States and Russia will intensify their efforts to end the fighting in the Caucasus region during talks in Geneva on Thursday.

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