The Turkish lira has updated a historic low against the American dollar, which reached 2.41 lira during the trading session on December 16. The lira falls down against the backdrop of massive securities withdrawal of investors from securities of emerging markets.
MSCI Emerging Markets Index moved by almost 2 percent down at the auction on December 16, having dropped for the eighth straight session. Quotes are affected negatively by the fall of oil prices, the Russian ruble collapse, and rumors about the slowing growth of the Chinese economy.
At the beginning of this year, the lira has also declined sharply against other main currencies. Then the Central Bank of Turkey, and the Bank of Russia now, significantly increased all the basic rates. As the result, the Turkish currency strengthened slightly but it resumed its downtrend since the end of autumn.
