Lira to Drop More Than 5% in 6 Months on Inflation, TD Bank Says
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The Turkish lira will depreciate to 2.3 per dollar in the next six months as tax increases and pre-election spending will stoke inflation, according to The Toronto-Dominion Bank.
The currency slumped as much as 0.7 percent today to a record at 2.1948 against dollar and traded at 2.1784 as of 5:45 p.m. in Istanbul. It dropped 17 percent last year, the fourth-biggest decline among 24 emerging-market currencies tracked by Bloomberg.