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Jan 11 2019

Turkey’s lira the cheapest currency in the world – Deutsche Bank

The Turkish lira is the world’s cheapest currency, Deutsche Bank strategist George Saravelos said, according to Dünya newspaper.

Saravelos pointed out that the lira was even less expensive after losing 3 percent of its value so far this year, Dünya said.

The lira lost 28 percent against the dollar in 2018 as a currency crisis ripped through the country’s financial markets, causing the economy to contract by 1.1 percent on a quarterly basis in the three months to September. It fell 1.3 percent to 5.48 per dollar at 7:03 p.m. in Istanbul.

The Chinese yuan is the world’s most expensive currency after it reached a six-month high against the dollar on Friday, Saravelos said.