The national currency of Turkey on Thursday, March 16, reached 19.02 Turkish lira per dollar.
The Turkish national currency lira on Thursday, March 16, broke the record of its fall. Specifically, it depreciated against the dollar to 19.02 lira per US currency unit. This is proven by online exchange trading data.
The Turkish lira is trading at 18.80 – 18.88 for the past month. However, since March 5, it started to fall. The Lira began to gradually approach the level of 19 per US dollar.
However, the lira is currently trading steadily at 18.99.
The Turkish lira in November 2021 fell by almost a third compared to the beginning of the year.
Economists believe that the reason for this is the policy of the central bank, which, as it is believed, continues to reduce the discount rate under pressure from the authorities. In particular, the leader of Turkey, Recep Tayyip Erdogan, sees high interest rates as a serious problem that prevents the authorities from effectively reducing inflation and stopping the fall of the lira.
In 2022, inflation has become one of the main problems of the Turkish economy. This is caused by global economic processes, expectations of a serious recession, as well as a sharp drop in the exchange rate of the Turkish lira.
It will be remembered that the annual inflation rate in Argentina has reached a thirty-year high. In particular, it exceeded 100% for the first time since 1991.
We added that the IMF upgraded its forecast for global GDP growth in 2023 to 2.9%, which was 0.2% more than expected in October.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.