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GM’s doubts on its future plunges Turkish lira to 6yr low vs dollar

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GM’s doubts on its future plunges Turkish lira to 6yr low vs dollar
OluÅŸturulma Tarihi: Mart 05, 2009 14:09

The Turkish lira currency fell more than 2 percent to hit a six-year low at 1.76 levels against the U.S. dollar on Thursday as concerns in the global markets rose after General Motors said it could suffer a significant further downturn. (UPDATED)

Haberin Devamı

GM’s statement intensified a sell-off in global markets, with the Turkish lira extending its losses against the U.S. dollar, falling below the key 1.76 level to hit its weakest level since March 2003 when it hit record 1.77 levels.

 

The Turkish lira, which has lost more than 10 percent since the beginning of 2009, was weakened in this week as emerging European currencies fell sharply after a European Union summit rejected plans for a regional bailout. 

 

The lira could rise to 1.85 levels as the first reaction, Murat Salar, an economist in Istanbul based Alternatif Brokerage, told hurriyet.com.tr. "Above 1.85 levels the path for dollar is open till 2.00 levels," he also said adding that the pace of this rise can be cut if Turkish Bank intervenes in the market.

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GM said there was no assurance that the global automobile market would recover or that it would not suffer a significant further downturn, in its 2008 annual report filed with the U.S. Securities and Exchange Commission.

Haberin Devamı

 

GM’s auditors have raised substantial doubt about the company’s ability to continue operations, the automaker said.

 

The U.S. auto maker has so far received $13.4 billion in federal loans to help it survive the worst auto sales climate in 27 years. GM is however seeking a total of $30 billion in government aid.

 

During the past three years it has piled up $82 billion in losses, including $30.9 billion in 2008.

 

 

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