News in Brief
Turkish lira falls to a new record low
CNN – As investors are nervously awaiting the outcome of Turkey’s presidential race in a runoff vote on May 28, they sent stocks tumbling Monday and pushed the value of its currency down to a new record low against the US dollar.
Turkey’s benchmark BIST-100 index sank as much as 6.4% in pre-market trade after Sunday’s election, while the Turkish lira slipped 0.5% to stand at 19.70 against the US
dollar.
Iraqis banned from dealing in US dollars
THE NATIONAL – The Iraqi Interior Ministry has banned people from dealing in US dollars in the latest move by authorities to control a fluctuating black market exchange rate.
The surprise announcement on Sunday reflects an attempt to close the gap between the official exchange rate and that on the black market, which has fuelled high prices and caused anger.
“The dinar is the national currency in Iraq,” the ministry said. “Your commitment to transact in it instead of foreign currencies boosts the country’s sovereignty and economy.”