June 7, 2023

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The Turkish lira continues its seventh consecutive day of decline

The Turkish lira continues its seventh consecutive day of decline

Currency exchange deals with Saudi Arabia have not translated since the start of tourist arrivals (Getty).

After last week’s gains, Turkey’s Banking Regulation and Supervision Agency clamped down on lending Companies It hit 16.3 pounds against the dollar and then came back Turkish lira The dollar hit 17.260 pounds on Thursday for the seventh day in a row.

The development comes amid market fears of high inflation, the highest inflation since 1998 when it reached 78.6%, and the continuing decline of the lira, which lost 44% of its value last year, while opening at 7.4 in 2021. Dollar and ended at 13.5.

Analysts in Turkey expect the currency to fall to 20 lira against the dollar after raising expectations. Turkish Central Bank The dollar exchange rate reached 18.89 pounds at the end of the year, based on a study of the exchange market provided to the bank by Turkish researchers and bankers after tracking fluctuations in exchange rates this June.

Analysts point to a decline in the central bank’s stock, interest rate and exchange rate of 14% for the sixth session. inflammation After crossing $50 billion a year, the energy import bill is reduced from foreign exchange and five times the bank interest rate.

International Economics

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According to observers, currency swap deals with Saudi Arabia have not translated into an influx of tourists since the start of the year, following Saudi Crown Prince Mohammed bin Salman’s visit to Ankara last month to maintain Turkey’s hopes of increasing and improving dollar supply. The exchange rate of exports, which Ankara says will exceed 300 billion this year, will reach $40 billion in tourism revenue after attracting 30 million tourists this year.

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