The sharp fall in the Turkish currency began on Monday, June 5. On Thursday, it reached 23.4 lira per dollar.
The Turkish currency on the morning of June 8 fell to a historic low, reaching 23.4 lira per dollar. This is proven by trade data.
As of Wednesday night, the rate was 23.3 lira per dollar. Local economists called June 7 the worst day for the Turkish currency in the past year and a half, when it fell by almost 7.5% in one day.
The sharp fall of the lira began on Monday, June 5. Analysts attribute this to the fact that the country’s central bank does not intervene in the market, which it used before the presidential and parliamentary elections in May.
On May 12, the last trading day on the Istanbul Stock Exchange before the election, the Turkish lira was 19.6 against the dollar. At the same time, the opposition press reported that the reserves of the country’s central bank were depleted, but the authorities denied this information.
Remember that at the end of 2021, Turkey is gripped by a large-scale currency crisis.
Source: korrespondent
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