May 17, 2022

Dubai Week

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Turkish lira: Why did it lose more than half of its value in 2021?

Turkish lira: Why did it lose more than half of its value in 2021?

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The Turkish currency has fallen more than 50 percent this year

With the lira depreciating by more than 17 lira against the dollar on December 17 this year, every decision taken by the Turkish central bank to reduce interest rates on the Turkish lira has accelerated.

The bank said in a statement that it had directly intervened in the currency market by selling the US dollar, describing it as unhealthy patterns in exchange rates.

The lira depreciated above 8% today, but central bank intervention kept the currency’s losses at .3 16.3 against the dollar.

The central bank has repeatedly intervened in the currency market over the past two weeks, selling the dollar to mitigate the lira’s depreciation, which has already eroded its declining foreign reserves.