As of today, the Turkish lira has fallen to a new low.
Publika.az “Investing.com” reports that the currency fell below 29 dollars per lira.
At the opening of the auctions, the Turkish currency was valued at 28.95 lira for 1 dollar. At minimum, the exchange rate fell to 29.01 lira per dollar.
Recall that at the beginning of the summer, the dollar was about 21 lira, and at the beginning of the year it was 13.5 lira. Along with the Russian ruble and the Argentine peso, the lira has been ranked as one of the worst emerging market currencies since the beginning of the year. At the beginning of November, the Turkish currency fell to a record low. Its value has reached the lowest in the history of the country – 1 dollar is 28.6 lira.
Experts explain the collapse of the national currency with the long-term policy of the country’s president, Recep Tayyip Erdogan. The constant easing of monetary policy led to record currency weakness and accelerating inflation, and Erdogan changed the Central Bank team after winning the next presidential election. At the end of October, the price increase in the country decreased by 61.3 percent.
It should be noted that at the end of November, the Central Bank of Turkey raised the discount rate from 35 to 40 for the sixth time in a row. The regulator predicts that annual inflation will reach 65 percent by the end of 2023, fall to 33 percent in 2024, and 15 percent in 2025.
Adam
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