Turkish currency hits lowest in 2022 against U.S. dollar

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Turkish currency hits lowest in 2022 against U.S. dollar

STORY: Turkish currency hits lowest in 2022 against U.S. dollar DATELINE: July 20, 2022 LENGTH: 0:01:59 LOCATION: ISTANBUL, Turkiye CATEGORY: ECONOMY SHOTLIST: 1. various of Istanbul 2. various of banks 3. various of Istanbul STORYLINE: Turkish currency hit its lowest point against the U.S. dollar as of 2022 on Tuesday, accelerating its continuous downward trend. One dollar was traded at 17.57 Turkish liras at 13:45 a.m. local time (1045 GMT), losing around 25 percent of its value this year. The record low of 18.00 was broken last December for a short period after President Recep Tayyip Erdogan pledged to keep cutting interest rates, aiming to increase exports and production to stabilize the currency. Wildly fluctuating exchange rates since then have steadily crept closer to the record low. Turkiye's five-year credit default swap (CDS) risk also rose to over 900 points, a point high above the levels of the 2008 crisis. CDS increases effectively complicate the country's efforts to acquire fo

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