Lira Slides on Concerns Over Pickup in Turkish Inflation Data
(Bloomberg) -- The Turkish lira fell amid worries policy makers are not acting fast enough to put a lid on inflation.
The dollar gained as much 2.7 percent against the lira to 6.7134, ahead of data expected to show consumer prices surging 17.6 percent in August from a year earlier.
The central bank, which next meets to set rates on Sept. 13, has an official inflation target of 5 percent. While policy makers have raised borrowing costs by 700 basis points, that hasn’t been enough to shield the lira from a currency rout that seen it shed more than 40 percent of its value against the dollar this year.
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