July 11, 2019 / 2:45 AM / 2 months ago

Timeline - Turkey: The lira's long decline

A merchant counts Turkish lira banknotes at the Grand Bazaar in Istanbul, Turkey, March 29, 2019. REUTERS/Murad Sezer

LONDON (Reuters) - Caught up in a toxic mix of fractious geopolitics, unorthodox monetary policy and domestic power plays, Turkey’s lira has been firmly on a bumpy yet steadily descending path in recent years.

Having emerged from a bruising 2018 that saw the currency tumble nearly 30% and following a difficult start to this year, the lira enjoyed a brief period of stability over the past two weeks.

But the dismissal of central bank chief Murat Cetinkaya over the weekend has pushed the lira firmly back into the limelight - for all the wrong reasons.

The currency has tumbled some 70% against the U.S. dollar since the 2013 “taper tantrum”, when the Federal Reserve announced a step down in asset purchases and triggered a sharp sell off in riskier assets, especially emerging markets.

Below are some of the main events that have marked the lira’s decline in recent years:

Turkey's lira - the long decline - tmsnrt.rs/2YPkU84

Reporting and graphic by Karin Strohecker, Editing by William Maclean

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below