FOX - Wall Street Breakfast: Lira Collapse

Listen on the go! A daily podcast of Wall Street Breakfast will be available by 8:00 a.m. on Seeking Alpha, iTunes, Stitcher and Spotify. Lira collapse The Turkish lira plunged as much as 7% overnight to a new record low near 15 to the dollar, as concerns snowball over President Erdogan's risky monetary policy. He believes in an unorthodox approach that higher rates cause inflation, rather than prevent it, but despite the beliefs the annual figure reached 21.3% alone in November. Soaring inflation has had devastating impacts on an emerging economy reliant on imports, while sharply eroding Turks' earnings and savings.Analyst commentary: "Last week's apparent relative stability of TRY was artificial and non-sustainable. Now we see the build-up pressure unfolding, driving lira weakness to the next level," Commerzbank said in a research note. "Ultimately, the CBRT needs to show the market some sign of caring about taming inflation," added Henrik

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Wall Street Breakfast: Lira Collapse