Turkey's embattled lira falls to new low against dollar

GMT 16:17 2015 Monday ,17 August

Arab Today, arab today Turkey's embattled lira falls to new low against dollar

Turkey's lira
Ankara - AFP

Turkey's embattled lira hit a new historic low in value against the dollar Monday as investors took fright at ongoing political uncertainty and the prospect of early elections.

The lira slid to a new low of 2.862 to the dollar, losing 1.06 percent on the day.

The Turkish currency has now declined 7.62 percent against the dollar over the last month, and 22.62 percent since the start of the year.

The current pressure was prompted by the collapse of coalition talks between the ruling Justice and Development Party (AKP) and main opposition Republican People's Party (CHP), paving the way for early elections.

The government is also waging an unprecedented two-pronged "anti-terror" operation against jihadists in Syria and Kurdish militants in southeast Turkey and northern Iraq, further rattling investors.

But Turkish Economy Minister Nihat Zeybekci said on Monday that there was no need for panic or any major intervention to buttress the lira.

"For the moment we don't see such an eventuality as necessary. An equilibrium will be found on the markets," he said

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