The Turkish Lira is continuing to devaluate against foreign currencies and has set a new record.

Political instability and clashes have been responsible for the drop in value of the Turkish lira and the week in which the US Federal Bank interest meeting is going to take place, see the Turkish Lira at an all time low against foreign currency rates.

In the TRNC the most used foreign currency of Sterling, Dollar and Euro were at a new record this week. Sterling on 14th September valued at 4.749 and 4,7500TL whilst the Euro was valued at around 3.500 and the dollar at 3.07. Turkey's market analysts noted that the this was the highest foreign currency rates were against the TL at any one time.

Economist Goksel Saydam said whilst terror events and political issues continued in Turkey, the Turkish lira would continue to lose value.

Credit: Kibris Postasi