Turkey’s national currency reached another record low, depreciating against the USD to 17.04 TRY per US unit. Data from the online exchange show this.
At the same time, the Turkish currency has depreciated twice since the beginning of the year, which is one of the biggest declines in the value of the national currency in recent years. In January, the dollar traded for about 7.3 liras. Last Friday, the Turkish lira traded at 16.41 per unit of US currency.
Another drop in the lira is related to a statement by Turkish President Tayyip Erdogan on Sunday that Turkish authorities do not intend to raise interest rates.
Last week, Turkey’s central bank cut one of its key interest rates again as a measure to stabilize the TRY and inflation. The interest rate on weekly repo auctions (short-term securities loans) was reduced from 15% to 14%. President Tayyip Erdogan has been an active advocate of lowering interest rates, calling them a “disaster”.
Against the background of the fall of the pound, the opposition raised the issue of the need for early presidential and parliamentary elections, believing that the current leadership can not cope with the country’s economic problems. However, Erdogan ruled out early elections, saying they would be held in time – in 2023.