The Turkish lira is getting smoked, will crash to new lows due to ‘unorthodox’ policies, analysts say

SourceCNBC
SectorEconomy
CountryMiddle east

Turkey's embattled currency hit another record low on Thursday, touching 7.95 to the dollar as it continues its relentless march toward an unprecedented 8 lira to the greenback.Economic analysts have expressed exasperation for the past several weeks at the policy decisions coming from Ankara, arguing that the currency's troubles are self-inflicted.   "If you look at the policies, (they have) become very hard-headed. And frankly trying to make something logical out of the irrational has become difficult," Angus Blair, a former investment banker and current professor at the American University of Cairo, told CNBC's "Capital Connection" on Thursday. The dollar has gained some 33% against the lira year to date, buying 5.945 of the Turkish notes at the start of this year. But the currency had already been on a long weakening trajectory ...read more...