A file photo of Turkish lira banknotes. Photo: ReutersIstanbul: The Turkish lira fell amid concerns policy makers are not acting quickly enough to put a lid on runaway inflation. The currency slipped as much as 2.6% as data showed consumer prices rose 17.9% in August from a year earlier. That’s the most since 2003 and more than three times the central bank’s official target of 5%. While the central bank has raised interest rates by 700 basis points this year, that hasn’t been enough to shield the lira from a rout that seen it shed more than 40% of its value against the dollar.

Source: Mint September 03, 2018 08:37 UTC