June 8, 2023

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The Turkish lira is depreciating against the dollar

The Turkish lira is depreciating against the dollar

The Turkish exchange rate against the dollar rose to 11.69 lira against the dollar on Thursday, but fell again today to Friday, bringing the exchange rate to 11.69 lira.

Turkish President Recep Tayyip Erdogan delivered a speech on Monday after the exchange rate of the lira fell to 18 lira against the dollar earlier this week, encouraging the currency to trade better.

However, despite gains by the exchange rate of the Turkish lira against the dollar in Monday’s trade, the Turkish currency has lost 40% of its value against the dollar so far this year.

It is noteworthy that Turkey’s inflation reached an annual rate of 21% in November, and economists expect it to rise to 30% in the next six to nine months, while the Turkish central bank cuts fourth interest rates. Last week was the month in a row, and generally the central banks would raise interest rates to prevent the economy from heating up when inflation rises.

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